A certain firm had earnings per share of $4 and dividends per share of $2. Total retained earnings increased by $12 million during the year, while book value per share at year-end was $40. Further, the firm has no preferred stock, and no new common stock was issued during the year. If its year-end total debt was $120 million, what was the company's year-end debt/assets ratio? a. 30.33% b. 15.2% c. 33.33% d. 37.33%