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 $2.50 dividend per share (D₀ = $2.50). The stock's price is currently $21.50, its dividend is expected to grow at a constant rate of 4% per year, its tax rate is 35%, and its WACC is 12.95%. What percentage of the company's capital structure consists of debt? Do not round intermediate calculations.