Consider the following financial statement data for Hi-Tech Instruments: For the Year Ended December 31 (Thousands of Dollars, except Earnings per Share) Sales revenue $216,000 Cost of goods sold 131,000 Net income 14,300 Dividends 8,600 Earnings per share $4.15 HI-TECH INSTRUMENTS, INC. Balance Sheets (Thousands of Dollars) Current Year Prior Year Assets Cash $24,300 $24,000 Accounts receivable (net) 52,000 47,000 Inventory 45,500 49,700 Total Current Assets 121,800 120,700 Plant assets (net) 58,600 56,500 Other assets 21,600 19,800 Total Assets $202,000 $197,000 Liabilities and Stockholders Equity Notes payablebanks $12,000 $12,000 Accounts payable 28,500 24,700 Accrued liabilities 22,500 27,000 Total Current Liabilities 63,000 63,700 9% Bonds payable 46,000 46,000 Total Liabilities 109,000 109,700 Common stock 50,000 50,000 Retained earnings 43,000 37,300 Total Stockholders Equity 93,000 87,300 Total Liabilities and Stockholders Equity $202,000 $197,000 * $25.00 par value; 2,000,000 shares Industry Average Ratios for Competitors Quick ratio 1.3 Current ratio 2.4 Accounts receivable turnover 5.9 times Inventory turnover 3.5 times Debttoequity ratio 0.73 Gross profit percentage 42.8 percent Profit margin 4.5 percent Return on assets 7.6 percent Calculate the company's debt-to-equity ratio. Note: Round answers to two decimal places, when appropriate.