Question 39

The current stock price for a company is $41 per share, and there are 8 million shares outstanding. This firm also has 180,000 bonds outstanding, which pay interest semiannually. If these bonds have a coupon interest rate of 8%, 21 years to maturity, a face value of $1,000, and an annual yield to maturity of 8.3%, what is the percent market value of debt for this firm? (Answer to the nearest hundredth of a percent, but do not use a percent sign).