Waish Company is considering three independent projects, each of which requires a $3 million investment. The estimated internal rate of return (IRR) and cost of copital for these projects are presented here: ProjectH(highrisk):ProjectM(mediumrisk):ProjectL(lowrisk):Costofcapital=17%Costofcapital=14%Costofcapital=7%IRR=21%IRR=13%IRR=9% Note that the projects' costs of capital vary because the projects have different levels of risk. The company's optimal capital structure calis for 50 \% debt and 50% common equity, and it expects to have net income of 56,030,000. If Waish establishes its dividends from the residual dividend model, what will be its payout ratio? Round your answer to two decimal places