Tamarisk, Inc. had net income of $107600 and paid dividends of $37500 to common stockholders and $19000 to preferred stockholders in 2020. Tamarisk, Inc.s common stockholders equity at the beginning and end of 2020 was $889000 and $1010000, respectively. Tamarisk, Inc.s payout ratio for 2020 was

a. 42.65%.

b. 3.75%.

c. 14.05%.

d. 34.85%.