A firm has a pre-tax cost of debt of 4.7 percent. The firm's corporate tax rate is 24 percent. What is the firm's after-tax cost of debt? Answer in percent to 2 decimal places and do not include the % sign. For example, if the return is 2.04%, you should enter 2.04 as the answer. A firm has a target weighted average cost of capital (WACC) of 7.7 percent, an after-tax cost of debt of 3.5 percent, and a cost of equity of 10.3 percent. What debt/equity ratio does the firm need to achieve its target? Round your answer to 2 decimal places.