A company wishes to undertake a project that costs $200m. It currently has $10m in cash on hand and believes that it can raise $75m in debt and $150m in equity if needed. According to the pecking order theory of the capital structure, what percent of the project will be financed by debt?

a - 50%

b- 26.67%

c - 37.5%

d - 100%

Is the answer a,b,c or d?