A firm has current assets that could be sold for their book value of $12 million. The book value of its fixed assets is $50 million, but they could be sold for $80 million today. The firm has total debt with a book value of $30 million, but interest rate declines have caused the market value of the debt to increase to $40 million. What is the ratio of the market value of equity to its book value?

Market-to-book ratio=?