Question 38

The current stock price for a company is $37 per share, and there are 7 million shares outstanding. This firm also has 190,000 bonds outstanding, which pay interest semiannually. If these bonds have a coupon interest rate of 8%, 20 years to maturity, a face value of $1,000, and a current price of 1,147.5, what is the percent market value of equity for this firm? (Answer to the nearest hundredth of a percent, but do not use a percent sign).