Miller Von Enterprises' capital structure consists solely of debt and common equity. It can issue debt at rd = 11.6%, and its common stock currently pays a $1.95 dividend (D0= $1.95). The stock's price is currently $24.70, its dividend is expected to grow at a constant rate of 7.4% per year, its tax rate is 45%, and its WACC is 13.88%. What percentage of the company's capital structure consists of debt? Round your answer to two decimal places. Show your work to receive full credit.