Walsh Company is considering three independent projects, each of which requires a $$6$ million investment. The estimated internal rate of return $($IRR$)$ and cost of capital for these projects are presented below:

Project H $($High risk$)$: Cost of capital $=16\%$ IRR $=18\%$

Project M $($Medium risk$)$: Cost of capital $=12\%$ IRR $=11\%$

Project L $($Low risk$)$: Cost of capital $=8\%$ IRR $=10\%$

Note that the projects' costs of capital vary because the projects have different levels of risk. The company's optimal capital structure calls for $45\%$ debt and $55\%$ common equity, and it expects to have net income of $$12,995,000.$ The data has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the question below.

Open spreadsheet $($attached$)$

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

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