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stock must be issued. Dirty Dogs has the following independent investment opportunities:

Project $A$: Cost $=$$$789,600$; IRR $=19\%$

Project $B$: Cost $=$$$750,000$; IRR $=14\%$

Project $C$: Cost $=$$$770,000$; IRR $=8\%$

If Dirty Dogs expects to generate net income of $$840,000$ and it pays dividends according to the residual policy, what will its dividend payout ratio be$?$ Round your answer to two decimal places.

$(3)$Dirty Dogs Grooming's optimal capital structure calls for $25$ percent debt and $75$ 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 $16$ percent if new common stock must be issued. Dirty Dogs has the following independent investment opportunities:

Project A: Cost $=$ $$789,600$; IRR $=19\%$

Project B: Cost $=$ $$750,000$; IRR $=14\%$

Project C: Cost $=$ $$770,000$; IRR $=8\%$

If Dirty Dogs expects to generate net income of $$840,000$ and it pays dividends according to the residual policy, what will its dividend payout ratio be$?$ Round your answer to two decimal places.