An analyst is trying to determine the capital structure for Big Dawg Incorporated. After some careful research, the analyst knows the following: --Big Dawg has 1.59 million shares of common stock trading today at $20.48 per share. The book value of Big Dawg common stock is $14.00 million. The cost of equity for the firm is estimated to be 15.00%. --Big Dawg has $9.00 million in long-term debt on its balance sheet. The debt is trading at 95.00% of face value in the market with a yield to maturity of 9.00%.

The tax rate facing the firm is 39.00%. What portion is equity in the firms capital structure?