An investor purchased shares of a stock and calculated the intrinsic value to be $190 per share. They expect to sell the shares 5 years from today at a terminal value of $254. The required return is 9% and the investor estimates perpetual EPS growth of 5% beginning in Year 6 with a constant payout ratio. If the analyst projects EPS in Year 6 of $15.63, which will be used to fund the first dividend in the perpetuity driving the terminal value, what is the projected payout ratio in Year 6 and thereafter?