How do I solve this and what is the correct answer?

esidual Distribution Policy Iris Company must set its investment and dividend policies for the coming year. It has three independent projects from which to oose, each of which requires a $4 million imvestment. These projects have different levels of risk, and therefore different costs of pital. Their projected IRRs and costs of capital are os follows: ProjectA:Costofcopital=18%;ProjectB:ProjectC;IRR=20%Costofcopital=14%;Costofcopital=6%;IRR=9%IRR=8% ins intends to maintein its 30% debt and 7036 common equity capital structure, and its net income is expected to be $8,750,000. arris maintairs its residual dividend policy (with all distributions in the form of dividends), what will its payout ratio be? Round your iswer to two decimat plsces: %