Quantitative Problem: Lane Industries is considering three independent projects, each of which requires a $1.9 million investment. The estimated intemal rate of return (IRR) and cost of capital for these projects are presented here: ProjectH(highrisk):ProjectM(mediamrisk):ProjectL(Iowrisk):Costofcapital=16%Costofcapital=11%Costofcapital=9%IRR=18%IRR=9%IRR=10% 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 $4,300,000. If Lane establishes its distributions from the residual distribution model, what will be its payout ratio? Round your answer to two decimal places