7. Problem 10.11 (WACC and Percentage of Debt Financing) EE eBook Hook Industries's capital structure consists solely of debt and common equity. It can issue debt at ra = 10%, and its common stock currently pays a $3.25 dividend per share (Do = $3.25). The stock's price is currently $25.50, its dividend is expected to grow at a constant rate of 4% per year, its tax rate is 25%, and its WACC is 15.60%. What percentage of the company's capital structure consists of debt? Do not round intermediate calculations. Round your answer to two decimal places. %