eBook Problem Walk-Through "Walsh Company is considering three Independent projects, each of which requires a $6 million investment. The estimated Internal rate of retum (IRR) and cost of capital for these projects are presented here: Project H (high risk) Cost of capital -17% IRR = 22% Project M (medium risk) Cost of capital -14% IRR - 13% Project L (low risk) Cost of capital - 7% IRR 9% Note that the projects costs of capital vary because the projects have different levels of risk. The company's optimal capital structure calls for 55% debt and 45% common equity, and it expects to have net income of $14,393,000. Ir Walsh establishes its dividends from the residual dividend model, what wil be payout ratio? Round your answer to two decimal places