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Windsor, Inc. had net income of $98800 and paid dividends of $42000 to common stockholders and...

Windsor, Inc. had net income of $98800 and paid dividends of $42000 to common stockholders and $19500 to preferred stockholders in 2020. Windsor, Inc.’s common stockholders’ equity at the beginning and end of 2020 was $891000 and $1150000, respectively. Windsor, Inc.’s payout ratio for 2020 was

a. 43.10

b. 4.20

c. 14.50

d. 42.51

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