Quantitative Problemt Lane Industries is considering three indeperdent projects, each of which requires a 51.8 million investment. The estimated internal rate of retum (LAR) and cast of capital for these projects are presented here: ProjectH(highrisk):ProjectM(mediomrakk):ProjectL(lowrisk):Costofcapital=12%Costofcapital=8%Costofcapital=7%IRR=14%IRR=6%IRR=8% Note that the projects' costs of capital vary because the projects have different levels of risk. The company's optimal capital structure calis for 40 os debt and 60% comman equicy, and it expects to have net ineeme of $4,200,000. If Lane establathes its dividends fram the residual dividend model, what will be its payout ratio? Round your answer to tho decimal places