Imperial Industries has $400,000 in short-term debt and $2.6 million in long-term debt. Their preferred shares sell for $50.00 each, and their are 100,000 shares outstanding. Imperial's common stock sells for $32.00 per share, and there are 1 million shares outstanding.

Use these data to calculate the weight of Imperial's preferred equity. Calculate the percentage to two decimal places (0.03148 = 3.15).