Tinsley, Incorporated, wishes to maintain a growth rate of 14 percent per year and a debt-equity ratio of .5. The profit margin is 4.6
percent, and total asset turnover is constant at 1.16.
a. What is the dividend payout ratio?
Note: A negative answer should be indicated by a minus sign. Do not round intermediate calculations and enter your answer
as a percent rounded to 2 decimal places, e.g.. 32.16.