The current balance sheet of Apex reports total assets of $44 million, total liabilities of $14 million, and owners' equity of $30 million. Apex is considering several financing possibilities in order to expand operations. Assume Apex borrows $6 million to finance its expansion. Apex's debt ratio immediately after the borrowing will be:

0.14

0.45

0.87 (rounded).

0.40 (rounded).