Stockholders of Dogs R Us Pet Supply expect a 12% rate of return on their stock. Management has consistently been generating an ROE of 15% over the last 5 years but now believes that ROE will be 13% for the next 5 years. Given this, the firm's optimal dividend payout ratio is now _______.

A. 0%

B. 100%

C. between 0% and 50%

D. between 50% and 100%