Hook Industries's capital structure consists solely of debt and common equity. It can issue debt at r_d = 8%, and its common stock currently pays a $1.50 dividend per share (D₀ = $1.50). The stock's price is currently $22.25, its dividend is expected to grow at a constant rate of 7% per year, its tax rate is 25%, and its WACC is 12.75%. What percentage of the company's capital structure consists of debt? Do not round intermediate calculations. Round your answer to two decimal places.