Binomial Tree Farms financing includes $6.10 million of bank loans and $7.10 million book (face) value of 10-year bonds, which are selling at 90% of par value. Its common equity is shown in Binomials Annual Report at $7.77. It has 610,000 shares of common stock outstanding which trade on the Wichita Stock Exchange at $25 per share. What debt ratio should Binomial use to calculate its WACC?