Problem 14-21 Flotation Costs (L07) Judson 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 78% of the amount raised, whereas the debt issued had a flotation cost of 3 8% of the amount raised. If Judson issued new securities in the same proportion as its target capital structure, what is the company's target debt-equity ratio? (Do not round Intermediate calculations, Round the final answer to 4 decimal places.) Debt-Equity ratio