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 $3.00 dividend per share (D₀ = $3.00). The stock's price is currently $28.50, its dividend is expected to grow at a constant rate of 9% per year, its tax rate is 35%, and its WACC is 14.15%. What percentage of the company's capital structure consists of debt? Do not round intermediate calculations. Round your answer to two decimal places.