Lane Industries is considering three independent projects, each of which requires a $$2\mathrm{.}8$ million investment. The estimated internal rate of return $($IRR$)$ and cost of capital for these projects are presented here:

Project H $($high risk$)$: Cost of capital $=15\%$ IRR $=17\%$

Project M $($medium risk$)$: Cost of capital $=10\%$ IRR $=8\%$

Project L $($low risk$)$: Cost of capital $=6\%$ IRR $=7\%$

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 $$4,300,000.$ If Lane establishes its distributions from the residual distribution model, what will be its payout ratio? Round your answer to two decimal places.