Consider the following year 0 statement for Blaircorn: Sales growth 10% Current assets/Sales 15% Current liabilities/Sales 8% Net fixed assets/Sales 77% Costs of goods sold/Sales 50% Depreciation rate 10% Interest rate on LT debt 10.00% Interest paid on cash and marketable securities 8.00% Tax rate 40% Dividend payout ratio ? Year 0 Income statement Sales 1,000 Costs of goods sold 500 Interest payments on debt 32 Interest earned on cash and marketable securities 6 Depreciation 100 Profit before tax 374 Taxes 150 Profit after tax 225 Dividends 90 Retained earnings 135 Balance sheet Cash and marketable securities 80 Current assets 150 Fixed assets At cost 1,070 Depreciation 300 Net fixed assets 770 Total assets 1,000 Current liabilities 80 LT Debt 320 Stock 450 Accumulated retained earnings 150 Total liabilities and equity 1,000 Suppose the firm wishes to keep its cash holding at 80. It does not wish to issue new stock or change debt levels. What is the maximum payout ratio it can afford for the next 5 years?