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Judson Inc. recently issued new securities to finance a new TV show. The project cost $ 1 3 . 6 million, and the company paid

Judson Inc. recently issued new securities to finance a new TV show. The project cost $13.6 million, and the company paid $685,000
in flotation costs. In addition, the equity issued had a flotation cost of 6.6% of the amount raised, whereas the debt issued had a
flotation cost of 2.6% 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
0.8885
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