J.C. Olson & Co. had earnings per share of $9 in year 2008, and it paid a $7 dividend. Book value per share at years end was $80. During the same period, the total retained earnings increased by $14 million. Olson has no preferred stock, and no new common stock was issued during the year. If Olsons year-end-debt (which equals its total liabilities) was $240 million, what was the companys year-end debt-to-asset ratio?