Wilco Company reports the following: 2005 2004 Retained Earnings $3,200,000 $2,300,000 Common Stock $ 600,000 $ 500,000 Paid-in Capital $3,300,000 $3,000,000 Net Income for the year $1,200,000 $700,000 What is the dividend payout ratio in 2005?

A. Not determinable B. 25% C. 37.5% D. 22.2%