The following information pertains to Marigold Corp. Assume that all balance sheet amounts represent average balance figures.

Total assets	$310000
Stockholders' equity-common	190000
Total stockholders' equity	260000
Sales revenue	103000
Net income	20200
Number of shares of common stock	6500
Common dividends	4300
Preferred dividends	6800

What is Marigold's payout ratio?

6.3%.

34.6%.

21.3%.

14.6%.