Walsh 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: ProjectH(highrisk):ProjectM(mediumrisk):ProjectL(lowrisk):Costofcapital=15%Costofcapital=11%Costofcapital=8%IRR=22%IRR=12%IRR=7% 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 $14,301,000. If Walsh establishes its dividends from the residual dividend model, what will be its payout ratio? Round your answer to two decimal places. %