Question: In its recent income statement, Smith Software Inc. reported paying $10 million in dividends to common shareholders, and in its year-end balance sheet, Smith reported

In its recent income statement, Smith Software Inc. reported paying $10 million in dividends to common shareholders, and in its year-end balance sheet, Smith reported $365 million of retained earnings. The previous year, its balance sheet showed $354 million of retained earnings. What was the firm's dividend payout ratio?

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