Hook Industries's capital structure consists solely of debt and common equity. It can issue debt at r_d = 12%, and its common stock currently pays a $3.75 dividend per share (D₀ = $3.75). The stock's price is currently $21.75, its dividend is expected to grow at a constant rate of 8% per year, its tax rate is 25%, and its WACC is 13.85%. What percentage of the company's capital structure consists of debt? Do not round intermediate calculations. Round your answer to two decimal places.

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