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J.C. Olson & Co. had earnings per share of $6 in year 2018, and it paid a S4 dividend. Book value per share at years end was $80. During the same period, the total retained earnings increased by $24 million. Olson has no preferred stock, and no new common stock was issued during the year. If Olsons year-end-debt (which equals its total liabilities) was $240 illion, what was the companys year- end debt-to-asset ratio?

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