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Taylor & Co. had earnings per share of $3.50, and it paid a $0.90 dividend. Total retained earnings increases by 5,200,000 during the year, while book value per share at the end of the year was $32. Taylor has no preferred stock and no new common stock was issued during the year. If Taylor's year-end debt (liabilities) was $60 million, what was the company's debt/assets ratio?

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