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Residual Distribution Policy projects have different levels of risk, and therefore different costs of capital. Their projected IRRs and costs of capital are as follows:

Residual Distribution Policy projects have different levels of risk, and therefore different costs of capital. Their projected IRRs and costs of capital are as follows:
Project A: Cost of capital =17%; IRR =19%
Project B: Cost of capital =12%; IRR =11%
Project C: Cost of capital =9%; IRR =10% in the form of dividends), what will its payout ratio be? Round your answer to two decimal places.
Tried 10%,10.53% and 0%
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