Consider a portfolio that includes the following two companies:

	Company 1		Company 2
Day	Price	Number of Shares	Price	Number of Shares
1	$8.00	550	$11.00	1,350
2	$8.34	550	$11.54	1,350

On Day 1 the portfolio has weights which are equal to the value of each company's shares relative to the total value of both companies. What is the portfolio weight for Company 1?

The portfolio weight for Company 1 on Day 1 is

____%.

(Round to two decimal places.)