The XYZ Company is considering three mutually exclusive projects, each of which requires a $10 million investment. The estimated NPV for these projects are given below: Project H: NPV=$19million Project M: NPV=$18million Project L: NPV=$9million The companys optimal capital structure calls for 50 percent debt/asset ratio. The company expects to have net income of $7,287,500. If the company bases its dividends on the residual model, what will be its payout ratio?