Elephant Enterprises has 650,000 preference shares trading at $4.5 each. Five years ago the company issued bonds with a total face value of $4 million. One bond has a face value of $500,000. The bonds have a coupon rate of 4% p.a. and coupons are paid semi-annually. The bonds mature in eight years from today. The bonds currently yield 4.5% per annum. The company has 9 million ordinary shares outstanding that are currently priced at $9 each and have a beta of 0.65. The return on the stock market is 5% p.a., the government bond rate is 1% p.a., and the company tax rate is 30%.

What proportion of the firm's capital structure is ordinary equity?