Jethro's Restoration's $()$ optimal capital structure calls for $30$ percent debt and $70$ percent common equityThe company's weighted average cost of capital $($WACC $)$ is $12$ percent if the amount of retained earnings generated during the year is sufficient to fund the equity portion of its capital budgeting requirements $,$ whereas its WACC is $15$ percent if new common stock be issued. JR has the following independent investment opportunities : Project M: Cost$=\backslash$$$360\mathrm{.}000$IRR$=17\backslash \%$ Project Cost$=\backslash$$$310,000$; IRR $=14\%$ JR expects to generate net income of $ $420,000$ and it pays dividends according to the residual policy what will its dividend payout ratio be$?($LO $13-2$