The Following Information Was Available for the Year Ended December

Multiple Choice

The following information was available for the year ended December 31, 2019: $\begin{array}{lr}\text { Net income } & \$ 50,000 \\\text { Average total assets } & 600,000 \\\text { Dividends per share } & 1.40 \\\text { Earnings per share } & 5.00 \\\text { Market price per share at year-end } & 70.00\end{array}$ The dividend payout ratio for 2019 was:

A) 2.0%
B) 8.3%
C) 28.0%
D) 40.0%