Nocl & Vang Company sells only one product at a regular price of $9.00 per unit. Variable expenses amounts to is $5.00 per unit, and fixed expenses are $40,000. Management has decided to decrease the selling price to $8.00 in the hope of increasing its volume of sales. What is the contribution margin ratio when the selling price is reduced to $8.00 per unit? (Note: Round answer to two decimal places.)