Hook Industries's capital structure consists solely of debt and common equity. It can issue debt at rd=11%, and its common stock currently pays a $3.50 dividend per share (D0= $3.50 ). The stock's price is currently $31.50, its dividend is expected to grow at a constant rate of 5% per year, its tax rate is 25%, and its WACC is 12.70%. What percentage of the company's capital structure consists of debt? Do not round intermediate calculations. Round your answer to two decimal places. %