ThroughWalsh Company is considering three independent projects, each of which requires a $$4$ million investment. The estimated internal rate of return $($IRR$)$ and cost of capital for these projects are presented here:Project H $($high risk$)$:Cost of capital $=16\%$IRR $=18\%$Project M $($medium risk$)$:Cost of capital $=14\%$IRR $=13\%$Project L $($low risk$)$:Cost of capital $=7\%$IRR $=9\%$Note that the projects' costs of capital vary because the projects have different levels of risk. The company's optimal capital structure calls for $30\%$ debt and $70\%$ common equity, and it expects to have net income of $$14,385,500.$ If Walsh establishes its dividends from the residual dividend model, what will be its payout ratio? Round your answer to two decimal places. $\%$