Harris Company must set its investment and dividend policies for the coming year. It has three independent projects from which to choose, each of which requires a $$6$ million investment. These projects have different levels of risk, and therefore different costs of capital. Their projected IRRs and costs of capital are as follows:

Project $A$: Cost $of$ capital $=18\%$; IRR $=17\%$

Project $B$: Cost $of$ capital $=14\%$; IRR $=10\%$

Project $C$: Cost $of$ capital $=7\%$; IRR $=9\%$

Harris intends to maintain its $50\%$ debt and $50\%$ common equity capital structure, and its net income is expected to be $$15,000,000.$ If Harris maintains its residual dividend policy $($with all distributions in the form of dividends$),$ what will its payout ratio be$?$ Round your answer to two decimal places. Due in $15$ mins please help me

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