Binomial Tree Farms financing includes $5.10 million of bank loans and $6.10 million book (face) value of 10-year bonds, which are selling at 80% of par value. Its common equity is shown in Binomials Annual Report at $6.77. It has 510,000 shares of common stock outstanding which trade on the Wichita Stock Exchange at $15 per share. What debt ratio should Binomial use to calculate its WACC?