Acetate, Inc., has equity with a market value of $23.8 million and debt with a market value of $11.9 million. The cost of debt is 8 percent per year. Treasury bills that mature in one year yield 4 percent per year, and the expected return on the market portfolio is 10 percent. The beta of Acetates equity is 1.23. The firm pays no taxes. What is Acetates debt-equity ratio?