On 4 January 2006 Cockatoo Bakeries Ltd Announced Its Preliminary

On 4 January 2006 Cockatoo Bakeries Ltd announced its preliminary earnings report to the market, that EPS was expected to be 29.5 cents per shares for the financial year 2005/2006. On 4 January 2006 Cockatoo Bakeries' shares closed trading at $1.15. On 18 January 2006 the company announced the payment of a 6 cent interim dividend fully franked and its shares closed trading that day at $1.25. On 4 March 2006 Cockatoo Bakeries shares closed trading at $1.29. On 5 March 2006 Cockatoo Bakeries shares began trading ex- dividend. The majority of Cockatoo Bakeries shareholders choose to receive their dividend payments via electronic funds transfer and this transfer was made on 24 May 2006. Cockatoo Bakeries is subject to a company tax rate of 30%.
-Cockatoo Bakeries Ltd declared an interim dividend 7 cents per share in January 2009 and a final dividend of 15 cents per share in June 2009.If the company generated an EPS of 29.5 cents per share for the financial year 2008/2009 then what has been the company's payout ratio?

A) 33.90 per cent
B) 54.24 per cent
C) 74.58 per cent
D) 20.34 per cent