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): IRR 14% Project M (medium risk Cost of capita 8% IRR 6% Project L (low risk): Cost of capital 8% IRR. 9% 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 expects to have net income of $3,800,000. If Lane establishes its dividends from the residual dividend model, equity, and it what will be its payout ratio? Round your answer to 2 decimal places