Quantitative Problem: Lane Industries is considering three independent projects, each of which requires a $1.5 million investment. The estimated internal rate of return (IRR) and cost of capital for these projects are presented here Cost of capital 12% Project H (high risk): 149% Project M (medium risk Cost of capital 8% IRR 6% Project L ow risk Cost of capital 11% IRR 12% Note that the projects' costs of capital vary because the projects have different levels of risk. The company's optimal capital structure calls for 40% debt and 60% common equity, and it expects to have net income of $4,400,000. If Lane establishes its dividends from the residual dividend model, what will be its payout ratio? Round your answer to 2 decimal places