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Macfarlane, Inc., recently issued new securities to finance a new TV show. The project cost $ 1 4 . 8 million and the company paid

Macfarlane, Inc., recently issued new securities to finance a new TV show. The project cost $14.8 million and the company paid $805,000 in flotation costs. In addition, the equity issued had a flotation cost of 7.8 percent of the amount raised, whereas the debt issued had a flotation cost of 3.8 percent of the amount raised. If the company issued new securities in the same proportion as its target capital structure, what is the companys target debt-equity ratio? (Do not round intermediate calculations and round your answer to 4 decimal places, e.g.,32.1616.)

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