Hook Industries's capital structure consists solely of debt and common equity. It can issue debt at rd = 9%, and its common stock currently pays a $2.00 dividend per share (D0 = $2.00). The stock's price is currently $20.50, its dividend is expected to grow at a constant rate of 8% per year, its tax rate is 25%, and its WACC is 14.35%. What percentage of the company's capital structure consists of debt? Do not round intermediate calculations. Round your answer to two decimal places.