Dirty Dogs Grooming's optimal capital structure calls for $20$ percent debt and $80$ percent common equity. The company's weighted average cost of capital $($WACC$)$ is $10$ percent if the amount of retained earnings generated during the year is sufficient to fund the equity portion of its capital budgeting requirements, whereas its WACC is $14$ percent if new common stock must be issued. Dirty Dogs has the following independent investment opportunities:

Project $A$: Cost $=$$$663,000$; IRR $=16\%$

Project $B$: Cost $=$$$610,000$; IRR $=13\%$

Project $C$: Cost $=$$$630,000$; IRR $=8\%$

If Dirty Dogs expects to generate net income of $$780,000$ and it pays dividends according to the residual policy, what will its dividend payout ratio be$?$ Round your answer to two decimal places.

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