Goodbye, Inc., recently issued new securities to finance a new TV show. The project cost $1.8 million and the company paid $111,000 in flotation costs. In addition, the equity issued had a flotation cost of 7 percent of the amount raised, whereas the debt issued had a flotation cost of 4 percent of the amount raised. If Goodbye issued new securities in the same proportion as its target capital structure, the company's target debt-equity ratio is _______ .