McCann Catching, Inc. has 3.00 million shares of stock outstanding. The stock currently sells for $12.95 per share. The firms debt is publicly traded and was recently quoted at 88.00% of face value. It has a total face value of $20.00 million, and it is currently priced to yield 8.00%. The risk free rate is 4.00% and the market risk premium is 8.00%. Youve estimated that the firm has a beta of 1.33. The corporate tax rate is 40.00%. The firm is considering a $46.29 million expansion of their production facility. The project has the same risk as the firm overall and will earn $12.00 million per year for 7.00 years.

What is the percentage of equity used by McCann Catching, Inc.? (please show your work, thanks)