Harris company must set its investment and dividend policies for the coming year

Harris company must set its investment and dividend policies for the coming year. It has three independent projects from which to choose each of which requires a $3 million investment. These projects have different levels of risk and therefore different cost of capital. There projected IRR are as followscapital cost of A = 17% IRR = 20%capital cost of B = 13% IRR = 10%capital cost of C = 7% IRR = 9%Harris intends to maintain its 35% debt and 65% common equity capital structure and its net income is expected to be $4750000. If Harris maintains its residual dividend policy what will its payout ratio be?