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Pablo's Peanut Butter Company just reported annual net income of $30 million and paid an annual dividend per share of $0.60. The firm has 10

Pablo's Peanut Butter Company just reported annual net income of $30 million and paid an annual dividend per share of $0.60. The firm has 10 million outstanding shares. The market value of Pablo's equity is $120 million. What is Pablo's dividend payout ratio?

15%

20%

30%

5%

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