Kayes Kitchenware has a market/book ratio equal to 1. Its stock price is $13 per share, and it has 4.8 million shares outstanding. The firms total capital is $110 million, and it finances with only debt and common equity. What is its debt-to-capital ratio?

a.

43.27%

b.

28.63%

c.

35.65%

d.

40.25%

e.

47.64%