dirty dogs grooming optimal capital structure calls for 40% debt and 60% common equity the companies weighted average cost of capital is 10% if the amount of retain earnings generated during the year is sufficient to find the equity portion of its capital budgeting requirements whereas it WACC is 14% if new common stock must be issued dirty dogs has the following independent investment opportunities project a the cost is $613,800 I are are are equal 16% project B cost equals $560,000 RRR equals 12% project fee cost is $580,000 RRR equals 8% dirties dogs expect to generate net income of $660,000 and it pays dividends according to the reschedule policy what will its dividend payout ratio be round your answer to two decimal places