J.C. Olson & Co. had earnings per share of $8 in year 2006, andit paid a $4 dividend. Book value per share at year's end was$80. During the same period, the total retained earningsincreased by $24 million. Olson has no preferred stock, andno new common stock was issued during the year. If Olson'syear-end debt (which equals its total liabilities) was $240million, what was the company's year-end debt-to-asset ratio?