Billingsworth Company had earnings per share of $4 last year and it paid a $2 dividend. Total retained earnings increased by $12 million during the year, and the book value per share at year-end was $40. Billingsworth has no preferred stock, and no new common stock was issued during the year. If the companys year-end debt (which equals its total liabilities) was $120 million, what was its year-end debt/assets ratio?