Pardon Me, Inc., recently issued new securities to finance a new TV show. The project cost $14.8 million, and the company paid $805,000 in flotation costs. In addition, the equity issued had a flotation cost of 7.8 percent of the amount raised, whereas the debt issued had a flotation cost of 3.8 percent of the amount raised. If the company issued new securities in the same proportion as its target capital structure, what is the company's target debt-equity ratio? (Do not round intermediate calculations and round your final answer to 4 decimal places, e.g., 32.1616.) Debt-equity ratio _________