Judson Inc. recently issued new securities to finance a new TV show. The project cost $14.7 million, and the company paid $795,000 in flotation costs. In addition, the equity issued had a flotation cost of 7.7% of the amount raised, whereas the debt issued had a flotation cost of 3.7% of the amount raised. If Judson issued new securities in the same proportion as its target capital structure, what is the company's target debt-equity ratio? (Do not round intermediate calculations. Round the final answer to 4 decimal places.) Debt-Equity ratio