Sealy Corporation had the following information in its financial statements for the years ended

2020 and 2021:

Common cash dividends for the year 2021 $ 10,000

Net income for the year ended 2021 97,000

Market price of stock, 12/31/20 10

Market price of stock, 12/31/21 12

Common stockholders equity, 12/31/20 1,000,000

Common stockholders equity, 12/31/21 1,200,000

Outstanding shares, 12/31/21 100,000

Preferred dividends for the year ended 2021 15,000

What is the payout ratio for Sealy Corporation for the year ended 2021?