Groeneweg Corporation has provided the following data: Year 2Year 1Common stock, $2 par value$100,000 $100,000 Total stockholders' equity$1,129,000 $1,100,000 Net operating income$61,538 Net income before taxes$51,538 Net income$33,500 Dividends on common stock during Year 2 totaled $4,500. The market price of common stock at the end of Year 2 was $9.45 per share. The company's dividend payout ratio for Year 2 is closest to:
A. 8.7%
B. 1.0%
C. 13.4%
D. 4.5%
Answer: C
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