McCann Catching, Inc. has 3.00 million shares of stock outstanding. The stock currently sells for $12.71 per share. The firms debt is publicly traded and was recently quoted at 91.00% of face value. It has a total face value of $12.00 million, and it is currently priced to yield 8.00%. The risk free rate is 3.00% and the market risk premium is 8.00%. Youve estimated that the firm has a beta of 1.04. The corporate tax rate is 37.00%.

The firm is considering a $45.02 million expansion of their production facility. The project has the same risk as the firm overall and will earn $11.00 million per year for 8.00 years.

What is the percentage of equity used by McCann Catching, Inc.?