Great Infrastructure Company has recently identified a new infrastructure project that requires an investment of $26,500,000. To raise this money, the company has issued new debt and new equity and the total flotation cost is $1,850,000. Suppose the flotation cost of issuing new debt and new equity are respectively 4.5% and 7.5%. What is the target debt-equity ratio of Great Infrastructure if the company issued new debt and new equity in the same proportion as its target capital structure?

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