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 $9$ 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 $13$ percent if new common stock must be issued. Dirty Dogs has the following independent investment opportunities:

Project $A$: Cost $=$$$564,000$; IRR $=15\%$

Project $B$: Cost $=$$$520,000$; IRR $=11\%$

Project $C$: Cost $=$$$540,000$; IRR $=8\%$

If Dirty Dogs expects to generate net income of $$600,000$ and it pays dividends according to the residual policy, what will its dividend payout ratio be$?$ Round

your answer to two decimal places.

$\%$