Last year K. Billings worth & Co. had earnings per share of $4 and dividends per share of $2. Total retained earnings increased by $12 million during the year, while book value per share at year-end was $40. Billings worth has no preferred stock, and no new common stock was issued during the year. If its year-end total debt was $120 million, what was the company’s year-end total debt to the total capital ratio?