Judson Inc. recently issued new securities to finance a new TV show. The project

cost $$14\mathrm{.}8$ million, and the company paid $$805,000$ in flotation costs. In addition,

the equity issued had a flotation cost of $7\mathrm{.}8\%$ of the amount raised, whereas the

debt issued had a flotation cost of $3\mathrm{.}8\%$ 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