Dreebyshaw Industries must set its investment and dividend policies for the coming year. It has three independent projects from which to choose, each of which requires a $4 million investment. These projects have different levels of risk, and therefore different costs of capital. Their projected IRRs and costs of capital are as follows: Project A: Cost of capital = 18%; IRR = 17% Project B: Cost of capital = 12%; IRR = 10% Project C: Cost of capital = 8%; IRR = 9% Dreebyshaw intends to maintain its 50% debt and 50% common equity capital structure, and its net income is expected to be $13,000,000. If Dreebyshaw maintains its residual dividend policy (with all distributions in the form of dividends), what will its payout ratio be? Round your answer to two decimal places. %