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 $5 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 = 10%; IRR =	15%
Project C:	Cost of capital = 7%; IRR =	6%

Harris intends to maintain its 30% debt and 70% common equity capital structure, and its net income is expected to be $6,704,500. 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.