Q 12.39: A financial analyst is comparing Peachtree Manufacturing to its industry. Their dividend payout ratios are presented below. RATIO 2009 2010 2011 2012 2013 Dividend payout Peachtree 55.6% 54.5% 53.1% 53.2% 52.9% Industry average 52.6% 54.7% 53.8% 54.9% 54.6% Based on this information, it can be said that A Peachtree and the average industry firm pay more than half their earnings in dividends to bondholders. B Peachtree has more shares outstanding than the average firm in the industry. Peachtree can raise debt at lower interest rates than the average firm in the industry. Peachtree and the average industry firm pay more than half their earnings in dividends to shareholders