Acme Manufacturing reports the following capital structure with amounts reported in $ millions: long-term debt of $340; present value of leases of $490; convertible debt of $190; and common equity of $400. Further research indicates that the market value of the long-term debt is 115% of its book value, the market value of the convertible debt is 110% of its book value and (80% of the convertible debt is debt-related with the remainder equity-related, and the market value of the common equity is 430% of its book value. What should be the percentage (relative weight) of debt that to be included in the WACC calculation? Please round your answer to one decimal place (e.g., 34.5).

The answer should be 37.3