Excel Online Structured Activity: Residual dividend model

$\backslash$table$[[$Project H $($High risk$)$:$,$Cost of capital $=15\%,$IRR $=21\%],[$Project M $($Medium risk$)$:$,$Cost of capital $=12\%,$IRR $=13\%],[$Project L $($Low risk$)$:$,$Cost of capital $=8\%,$IRR $=12\%]]$

of $$10,456,500.$ 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

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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