The following information pertains to ABC Company. Assume that all balance sheet amc represent average balance figures:

Total assets: $$300,000$

Stockholders' equity$-$common: $$150,000$

Total stockholders' equity: $$200,000$

Sales revenue: $$100,000$

Net income: $$25,000$

Number of shares of common stock: $6,000$

Common dividends: $$5,000$

Preferred dividends: $$7,000$

Calculate the payout ratio for ABC Company.