Hook Industries's capital structure consists solely of debt and common equity. It can issue debt at rd = 12%, and its common stock currently pays a $2.50 dividend per share (D0 = $2.50). The stock's price is currently $27.75, its dividend is expected to grow at a constant rate of 4% per year, its tax rate is 40%, and its WACC is 12.85%. What percentage of the company's capital structure consists of debt? Do not round intermediate calculations. Round your answer to two decimal places. %