Argent Corporation had earnings per share of $4 last year, and it paid a $2 dividend.

Total retained earnings increased by $12 million during the year, and book value per share at year-end was $40. Argent has no preferred stock, and no new common stock was issued during the year. If Argent’s year-end debt (which equals its total liabilities) was $120 million, what was the company’s year-end debt/assets ratio?