At the beginning of the year, Norwood Pass Industries had $240,000 in total assets and a debt-to-assets ratio of 0.5 or 50%. During the year, Norwood's assets increased by $80,000, and its liabilities increased by $72,000. What is the debt-to-assets ratio at the end of the year?
A. 0.4 or 40%
B. 1.7 or 170%
C. 0.9 or 90%
D. 0.6 or 60%
Answer: D
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