Hook Industries' capital structure consists solely of debt and common equity. It can issue debt at rd = 11%, and its common stock currently pays a $2.50 dividend per share (D0 = $2.50). The stock's price is currently $20.50; its dividend is expected to grow at a constant rate of 7% per year; its tax rate is 40%; and its WACC is 12.70%. What percentage of the company's capital structure consists of debt? Round your answer to two decimal places.