Excel Online Structured Activity: Residual dividend model Walsh Company is considering three independent projects, each of which requires a $3 malion investment. The estimated internal rate of return (IRR) and cost of cop for these projects are presented below: Project h (High risk): Costofcapital=16%IRR=20% Project M (Medum risk): Cost of capial =12% IRR=11% Project I (Low eisk): Costofcapital=7%iR=10% 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% cermmon equity, and it expects to have net income of $11,206,500. The data has been collected in the Microsoft Excel Oaline file belon. Open the epreadsheef and periort the requited analysis to answer the question below. Ppen sprendsheet If Walsh ertablishes its dividends from the residual dwidend inedel, what will be its payout ratio? Round your answer to two decimat places