The company has 3 million shares with a market value of $100 each. The shares expected dividend yield is 3% pa and their total returns have a beta of 1.5. The company is funded by $200 million worth of 5-year bonds priced at par which pay a fixed coupon of 4% pa. The corporate tax rate is 30%. Government bonds pay a fixed coupon rate of 2% pa and yield 3% pa. The ASX200 market index has an expected dividend yield of 4% pa and an expected total return of 8% pa. All rates are effective annual rates. Assume a classical tax system.

Calculate the companys debt-to-assets ratio