Residual Distribution Policy $5 million investment. These projects have different levels of risk, and therefore different costs of capital. Their projected IRRs and costs of capital are follows: Project A : Cost of capital =16%;IRR=18% Project B: Cost of capital =14%;IRR=10% Project C: Cost of capital =6%; IRR =9% Harris intends to maintain its 50% debt and 50% common equity capital structure, and its net income is expected to be $5,260,000. If 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. (3) %