Walsh Company is considering three independent projects, each of which requires a $$3$ million investment. The estimated internal rate of return $($IRR$)$ and cost of capital for these projects are

presented below:

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 $$7,855,500.$

If Walsh establishes its dividends from the residual dividend model, what will be its payout ratio? Round your answer to two decimal places.

$\%$