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Cookies ' n Cream, Incorporated, recently issued new securities to finance a new TV show. The project cost $ 1 4 . 4 million, and

Cookies 'n Cream, Incorporated, recently issued new securities to finance a new TV show. The project cost $14.4 million, and the company paid $765,000 in flotation costs. In addition, the equity issued had a flotation cost of 7.4 percent of the amount raised, whereas the debt issued had a flotation cost of 3.4 percent of the amount raised. If the company issued new securities in the same proportion as its target capital structure, what is the companys target debt-equity ratio? (Do not round intermediate calculations and round your answer to 4 decimal places, e.g.,32.1616.)

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