Formula Syntax for Percentages dependent on picklist values

Hello! I need some assistance with a formula I am trying to create.
Here are the fields and variables I am working with:
Picklist 1 = List of Names
Picklist 2 = List of Names
Percentage 1 = %
Percentage 2 = %

Basically here is what I would like the formula to do for the field Percentage 2…
If the value for “Picklist 1” = “Picklist 2”, then “Percentage 2” should receive the same value that was input for “Percentage 1”. If not, the value for “Percentage 2” should be set to 0.00%.

Here is what I have and the error I am getting:
IF(“Picklist_1__c” = “Picklist_2__c”, “Percentage_1__c”, 0.00)
Error: Incorrect parameter type for function ‘IF()’. Expected Text, received Number