Quantitative Problem: Rosnan Industries' 2014 and 2013 balance sheets and income statements are shown below.

Balance Sheets:
	2014	2013
Cash and equivalents	$110	$95
Accounts receivable	275	300
Inventories	375	350
Total current assets	$760	$745
Net plant and equipment	2,000	1,490
Total assets	$2,760	$2,235
Accounts payable	$150	$85
Accruals	75	50
Notes payable	160	185
Total current liabilities	$385	$320
Long-term debt	450	290
Common stock	1,225	1,225
Retained earnings	700	400
Total liabilities and equity	$2,760	$2,235

Income Statements:
	2014	2013
Sales	$2,000	$1,500
Operating costs excluding depreciation	1,250	1,000
EBITDA	$750	$500
Depreciation and amortization	100	75
EBIT	$650	$425
Interest	62	45
EBT	$588	$380
Taxes (40%)	235	152
Net income	$353	$228
Dividends paid	$53	$48
Addition to retained earnings	$300	$180
Shares outstanding	100	100
Price	$25.00	$22.50
WACC	10.00%

What is the firms 2014 debt-to-capital ratio? Round your answer to two decimal places.