A firm has current assets that could be sold for their book value of $25 million. The book value of its fixed assets is $64 million, but they could be sold for $94 million today. The firm has total debt with a book value of $44 million, but interest rate declines have caused the market value of the debt to increase to $54 million. What is the ratio of the market value of equity to its book value? (Round your answer to 2 decimal places.)

Market-to-book ratio