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 $11$ 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 $17$ percent if new common stock must be issued. Dirty Dogs has the following independent investment opportunities:

Project A: Cost $=$ $$648,000$; IRR $=18\%$

Project B: Cost $=$ $$610,000$; IRR $=15\%$

Project C: Cost $=$ $$620,000$; IRR $=10\%$

If Dirty Dogs expects to generate net income of $$720,000$ and it pays dividends according to the residual policy, what will its dividend payout ratio be$?$ Round your answer to two decimal places.