Quantitative Problem: Lane Industries is considering three independent projects, each of which requires a $2.7 million investment. The estimated internal rate of return (IRR) and Distributions to Shareholders: Dividend Payment Procedures : Visited, Not Yet Judged presented here: Project H (high risk) Project M (medium risk): Cost of capital = 10% Project L (low risk) 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 $3,900,000. If Lane establishes its dividends from the residual dividend model, what will be its payout ratio? Round your answer to 2 decimal places Cost of capital-1396 IRR-15% IRR = 8% IRR 11% Cost of capital 10%