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 $$4$ 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 $=12\%$; IRR $=9\%$

Project C: Cost of capital $=7\%$; IRR $=8\%$

Harris intends to maintain its $45\%$ debt and $55\%$ common equity capital structure, and its net income is expected to be $$8,250,000.$ 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.