XYZ ltd. had EPS= $4 and Dividend= $2 last year. Total earnings increased by $2 million during the year while book value per share at the end of the year was $40. XYZ had no preferred stock, and no new common stock was issued during the year. If XYZ’s year end debt (which equals total liabilities) was $120 million, what was it’s year end debt/asset ratio?
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