A company currently has a D/E ratio of 1.25. Common shareholders equity is $705,600,000, consisting, in part, of 21.5 million shares outstanding with a current price of $28/share. Part of the companys debt currently outstanding is $1,000,000 of convertible bonds. Each $1,000 par value bond can be converted into 50 common shares at any time during the next three years. The coupon rate on the bonds is 6 percent with interest paid annually. If all convertible bonds are converted, what would be the companys debt-to-assets ratio?