Walsh Company is considering three independent projects, each of which requires a $5 million investment. The estimated internal rate of return (tRR) and cost of capital for these projects are presented here: ProjectH(highrisk):ProjectM(mediumrisk):ProjectL(lowrisk):Costofcapital=16%Costofcapital=14%Costofcapital=796IRR=18%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 calls for 45% debt and 55% common equity, and it expects to have net income of $10,381,000. If Walsh establishes its dividends from the residual dividend model, what wil be its payout ratio? Round your answer to two decimal places. %