Your company has a cost of debt of 3.45% and a return on levered equity of 9%. The unlevered value of equity is 23,500,000 EUR and the company's expected perpetual EBITDA is 1,762,500. Assume all assets are depreciated, there is no taxation and no bankruptcy costs. What is the debt-to-equity ratio of the firm?

The answer is 0.37. Can you help me show the calculation?