Hook Industries' capital structure consists solely of debt and common equity. It can issue debt at rd = 11%, and its common stock currently pays a $1.75 dividend per share (D0 = $1.75). The stock's price is currently $31.00, its dividend is expected to grow at a constant rate of 9% per year, its tax rate is 35%, and its WACC is 13.45%. What percentage of the company's capital structure consists of debt? Round your answer to two decimal places.