11. Problem 15.06 (Residual Dividend Model) CU ebook Problem Wald-Through Walsh Company is considering three independent projects, each of which requires $6 million investment. The estimated internal rate of return (IRR) and cost of capital for these projects are presented here: Project H (high risk) Cost of capital 16% TRR - 19% Project M (medium risk) Cost of capital 124 TRR - 13% Project L (low risk) Cost of capital - 8% IRR - 11% Note that the project costs of capital vary because the projects have different levels of risk. The company's optimal capital structure calls for 60% debt and 40% con equity, and expects to net income of $14,897,000. If Walsh establishes its dividends from the residual dividend model, what will be its payout ratio Round your answer to two decimal places