Frusciante, Inc., has 195,000 bonds outstanding. The bonds have a face value of $2,000, a coupon rate of 6.2 percent paid semiannually, and 8 years to maturity. The yield to maturity of the bonds is 6.4 percent. The company also has 9 million shares outstanding, with a market price of $32 each. What is the debt-to-equity ratio of this company expressed in market value?