An investment advisor has recommended the following allocation to a client: 25% in U.S. treasury bills (risk-free), 50% in bonds and 25% in stocks. A second client then comes through the door and wants investment advice from the same advisor. It turns out that the optimal allocation for her specifies 40% in U.S. treasury bills.

What is the optimal allocation in bonds for the second client? (I.e., what percent of her portfolio will be in risky bonds?)

When performing the calculations, do not round any inputs or interim results until you get the final answer.

Round vour final answer to four places after the decimal point.