Jeremy would like to value Orange, Inc. using the discounted cash flow method.

He forecasts Free Cash Flows of $135 million, $145 million, $146 million, respectively for years 1, 2, and 3.After year 3, he assumes FCFs will increase by 2% forever.

Jeremy calculates the below input variables to compute Orange, Inc's cost of equity, debt, and enterprise value.

Cost of Equity

Risk-Free-Rate = 3 percent

Beta = 1.03

Return of Market Portfolio = 7%

Debt

Debt to Equity Ratio = 45%

Market Value of Zero-Coupon Bonds = $100 million or 75% of par value

Maturity of Zero-Coupon Bonds = 15 years

Tax Rate = 35%

Based on Jeremy's input variables, what fraction of Orange Inc.'s assets are equity financed (equity to total capitalization ratio)?