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 $3.75 dividend per share (Do = $3.75). The stock's price is currently $24.75, its dividend is expected to grow at a constant rate of 7% per year, its tax rate is 25%, 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. %