Stockholders of Dogs R Us Pet Supply expect a 9% rate of return on their stock. Management has historically been generating an ROE of 8%, but now believes that future ROE will be 7% for the next...

Stockholders of Dogs R Us Pet Supply expect a 9% rate of return on their stock. Management has historically been generating an ROE of 8%, but now believes that future ROE will be 7% for the next years. Given this, the firm's optimal dividend payout ratio is now ______.