Walsh Company is considering three independent projects, each of which requires a $$5$

million investment. The estimated internal rate of return $($IRR$)$ and cost of capital for

these projects are presented here:

Note that the projects' costs of capital vary because the projects have different levels

of risk. The company's optimal capital structure calls for $35\%$ debt and $65\%$ common

equity, and it expects to have net income of $$11,216,000.$ If Walsh establishes its

dividends from the residual dividend model, what will be its payout ratio? Round your

answer to two decimal places.