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.

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