WACC and Percentage of Debt Financing

Hook Industries' capital structure consists solely of debt and common equity. It can issue debt at r_d = 9%, and its common stock currently pays a $3.25 dividend per share (D₀ = $3.25). The stock's price is currently $21.75, its dividend is expected to grow at a constant rate of 6% per year, its tax rate is 40%, and its WACC is 13.90%. What percentage of the company's capital structure consists of debt? Round your answer to two decimal places.

Cost of Common Equity with Flotation

Ballack Co.