KINDLY SOLVE IT ON YOUR OWN DO NOT COPY PASTE BECAUSE I GOT 2 DIFFERENT ANSWERS OF THE SAME QUESTION. Please solve it on your own.and also ANSWER THE THEORY PART.

Three independent projects, each of which requires a RS 5 million investment are being considered for investment purpose by Sona Tea Company. The cost of capital and estimated internal rate of return (IRR) for these projects are shown below: Project A B Cost of capital 16% 12% 8% IRR 20% 10% 9% Company's capital structure involves only debt and equity financing with the ratio of 50% each. The estimated net income from the selected projects is expected to be RS 7,287,500. What should be the dividend payout ratio If Sona tea company estimate its dividends based on the residual dividend model? Three independent projects, each of which requires a RS 5 million investment are being considered for investment purpose by Sona Tea Company. The cost of capital and estimated internal rate of return (IRR) for these projects are shown below: Project A B Cost of capital 16% 12% 8% IRR 20% 10% 9% Company's capital structure involves only debt and equity financing with the ratio of 50% each. The estimated net income from the selected projects is expected to be RS 7,287,500. What should be the dividend payout ratio If Sona tea company estimate its dividends based on the residual dividend model