How do I solve this and what is the correct andwer?

Check My Work (3 remaining) Residual Distribution Policy Harris Company must set its investment and dividend policies for the coming year, tt has three independent projects from which to choose, each of which requires a $3 miltion investment. These projects have different levels of risk, and therefore different costs of capital. Their projected IRRs and costs of capital ore as follows: \begin{tabular}{lll} Project A: & Cost of capital =17%; & IRR =20% \\ Project B: & Cost of copital =12%; & IRR =10% \\ Project C: & Cost of copital =79%; & IRR =2% \end{tabular} Carris intends to maintain its 30% debt and 70% common equity copital structure, and its net income is expected to be $8,750,000. If tarris maintains its residual dividend policy (whth all distrbutions in the form of dividends), what will its payout ratio be? Round your onswer to two decimal places. \% Check My Work (3 remaining)