The following information comes from the accounting records of Hercep Ltd. for the first three years of its existence:

		2018		2019		2020
Statement of Financial Position
Assets
Cash		$23,700		$20,000		$27,400
Accounts receivable		67,700		55,500		146,000
Inventory		113,000		140,000		231,000
Capital assets (net)		424,000		467,000		484,000
Other assets		230,000		206,000		267,700
		$858,400		$888,500		$1,156,100
Liabilities and equity
Accounts payable		$110,000		$55,000		$110,000
Long-term debt		192,000		242,000		484,000
Common shares		511,000		511,000		511,000
Retained earnings		45,400		80,500		51,100
		$858,400		$888,500		$1,156,100
Statement of Earnings
Sales		$625,000		$835,000		$915,000
Cost of goods sold		(387,500)		(559,450)		(640,500)
Other expenses		(167,000)		(239,000)		(237,000)
		70,500		36,550		37,500
Income tax		(21,150)		(10,965)		(11,250)
Net income		$49,350		$25,585		$26,250

Based on the above information, analyze the companys use of leverage from 2018 to 2020. (Round answers to 1 decimal place, e.g. 15.1%.)