Hook Industries's capital structure consists solely of debt and common equity. It can issue debt at rd = 12%, and its common stock currently pays a $3.50 dividend per share (D0 = $3.50). The stock's price is currently $25.25, its dividend is expected to grow at a constant rate of 8% per year, its tax rate is 40%, and its WACC is 12.25%. What percentage of the company's capital structure consists of debt? Do not round intermediate calculations. Round your answer to two decimal places.