Please help me answer the followng

RESIDUAL DIVIDEND MODEIL Walsh Company is considering three independent projects, each of which requires a $3 million investment. The estimated internal rate of return (IRR) and cost of capital for these projects are presented here t'szd:or.ail:17% Cost of capital = 15% Cost of capital = 7% IRR ::19%, Project H (high risk): Project M (medium risk): Project L (low risk) IRR = 12% IRR 10% Note that the projects' costs of capital vary because the projects have different levels of risk. The company's optimal capital structure calls for 25% debt and 75% common equity, and it expects to have net income of $11,890,500. Ir Walsh establishes its dividends from the residual dividend model, what will be its payout ratio? Round your answer to two decimal places