Presented below are selected data from the financial statements of Debonair Corp. for 2009 and 2008.

Required:
Calculate the dividend payout ratio for2009.

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2009 2008 $123,000 Net income Cash dividends paid on common stock Market price per share of common $110,000 42,000 38,000 stock at the end of the year Shares of common stock outstanding 16.00 13.00 140,000 140,000