Panasonic Corporation has provided the following accounting data: Balance Sheet December 31, Year 2 and Year 1 Assets Year 2 Year 1 Current assets: Cash $ 225,000 $ 160,000 Accounts receivable, net 191,000 180,000 Inventory 96,000 110,000 Prepaid expenses 91,000 80,000 Total current assets 603,000 530,000 Plant and equipment, net 810,000 840,000 Total assets $ 1,413,000 $ 1,370,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 226,000 $ 190,000 Accrued liabilities 66,000 70,000 Notes payable, short term 54,000 50,000 Total current liabilities 346,000 310,000 Bonds payable 170,000 170,000 Total liabilities 516,000 480,000 Stockholders equity: Common stock, $5 par value 250,000 250,000 Additional paid-in capital 70,000 70,000 Retained earnings 577,000 570,000 Total stockholders equity 897,000 890,000 Total liabilities & stockholders equity $ 1,413,000 $ 1,370,000 Income Statement For the Year Ended December 31, Year 2 Sales (all on account) $ 1,260,000 Cost of goods sold 760,000 Gross margin 500,000 Operating expenses 473,429 Net operating income 26,571 Interest expense 13,000 Net income before taxes 13,571 Income taxes (30%) 4,071 Net income $ 9,500 Dividends on common stock during Year 2 totaled $2,500. The market price of common stock at the end of Year 2 was $2.01 per share. The companys dividend payout ratio for Year 2 is closest to: (Round your intermediate calculations to 2 decimal places.)