Hook Industries's capital structure consists solely of debt and common equity. It can issue debt at $r_d=11\%,$ and its common stock

currently pays a $$2\mathrm{.}75$ dividend per share $)=($$$2\mathrm{.}75.$ The stock's price is currently $$34\mathrm{.}75,$ its dividend is expected to grow at a

constant rate of $9\%$ per year, its tax rate is $25\%,$ and its WACC is $12\mathrm{.}85\%.$ What percentage of the company's capital structure

consists of debt? Do not round intermediate calculations. Round your answer to two decimal places.

$\%$