Excel Online Structured Activity: Residual dividend model Walsh Company is considering three independent projects, each of which requires a $3 million investment. The estimated internal rate of return (IRR) and cost of capital for these projects are presented below: Project H (High risk): Project M (Medium risk): Project L (Low risk): Cost of capital =15% Cost of capital =12% Cost of capital =8% IRR=22% IRR=.10% 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 40% debt and 60% common equity, and it expects to have net income of 57,163,500. The data has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the question below. Open spreadsheet If Walsh estabilshies fis dividends from the residual dividend model, what will be its payout ratio? Round your answer to two decimal places: %