Hook Industries's capital structure consists solely of debt and common equity. It can issue debt at 2 d =9%, and its common stock currently pays a $2.75 dividend per share (D0=$2.75). The stock's price is currentl) $32.75, its dividend is expected to grow at a constant rate of 4% per year, its tax rate is 25%, and its WACC is 12.50%. What percentage of the company's capital structure consists of debt? Do not round intermediate calculations. Round your answer to two decimal places. (3) \%