Pharoah Company had a net income of $100000 and paid dividends of $33000 to common stockholders and $23000 to preferred stockholders in 2017. Pharoah Company common stockholders equity at the beginning and end of 2017 was $886000 and $1190000, respectively. Pharoah Company payout ratio for 2017 was

33.0%.

19%.

8.4%.

47%.