Judson Inc. recently issued new securities to finance a new TV show. The project cost $14.4 million, and the company paid $765,000 in flotation costs. In addition, the equity issued had a flotation cost of 7.4 percent of the amount raised, whereas the debt issued had a flotation cost of 3.4 percent of the amount raised. If Judson issued new securities in the same proportion as its target capital structure, what is the company's target debtequity ratio? (Do not round intermediate calculations. Round the final answer to 4 decimal places.) Debt/Equity ratio