Excel Online Structured Activity: Residual dividend model presented below: ProjectH(Highrisk):ProjectM(Mediumrisk):ProjectL(Lowrisk):Costofcapital=16%Costofcapital=13%Costofcapital=8%IRR=20%IRR=12%IRR=10% Open spreadsheet If Walsh establishes its dividends from the residual dividend model, what will be its payout ratio? Round your answer to two decimal places. %