Stockholders of Dog's R Us Pet Supply Expect a 12

Stockholders of Dog's R Us Pet Supply expect a 12% rate of return on their stock.Management has consistently been generating a ROE of 15% over the last 5 years but now believes that ROE will be 12% for the next five years.Given this the firm's optimal dividend payout ratio is now ______.

A) 0%
B) 100%
C) between 0% and 50%
D) between 50% and 100%