Problem Walk-through Residual Distribution Policy 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 At Cost of capital -15% TRR - 16% Project : Cost of capital -12% TRR -10% Project Cost of capital - 64 TRR-95 Harris intends to maintain its 30% debt and 70% common equity capital structure, and its net income is expected to be $10,000,000. 1 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