please use excel and show formulas

Question 7 (3 points) Attention: this is a somewhat challenging question. Company JC Electronics had a net income of $1,200,000 this year. The company has a target capital structure of 44% in debt and the rest in equity. The company is considering the following independent projects to invest for next year: Project A: capital budget 500,000; cost of capital 15%; IRR 13%. Project B: capital budget 600,000; cost of capital 14%; IRR 15%. Project C: capital budget 1,000,000; cost of capital 15%; IRR 18%. Assuming that the above projects are the only items to be budgeted for next year. What will be this year's dividend payout ratio? Note: keep 2 decimal points to your