Seifert Company is considering three independent projects, each requiring $10 million in investment. The estimated internal rate of return (IRR) and cost of capital for these projects are shown in the following table: The optimal capital structure for the company consists of 40.00% debt and 60.00% equity. The company expects to have net income of $24,000,000.00, and is seeking to estimate its dividend payout ratio if dividends are established from the residual dividend model. The required capital budget for these projects is . Given the optimal percentage of equity, this means that of equity will be required to fund these projects. Assume that Seifert uses the residual dividend model. Seifert's dividend payout ratio will be if it follows the residual dividend model