Quantitative Problem: Lane Industries is considering three independent projects, each of which requires a $3 million investment. The estimated internal rate of retun (IRR) and cost of capital for these projects are presented here: Project H (high risk) Project M (medium risk): Cost of capital = 996 Project L (low risk) 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 $3,900,000. If Lane establishes its dividends from the residual dividend model, what will be its payout ratio? Round your answer to 2 decimal places Cost of capital = 15% IRR-1796 IRR = 7% IRR-1196 Cost of capital = 10%