A firm has current assets that could be sold for their book value of $28 million. The book value of its fixed assets is $66 million, but they could be sold for $96 million today. The firm has total debt with a book value of $46 million, but interest rate declines have caused the market value of the debt to increase to $56 million. What is the ratio of the market value of equity to its book value? What is this firm's market-to-book ratio? (Round your answer to 2 decimal places.)
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