Sandy Ltd currently has $30,000 of market value debt outstanding. The 8 per cent coupon bonds (semiannual pay) have a maturity of 20 years, a face value of $1000 and are currently priced at $1,243.87 per bond. The company also has an issue of 50,000 preference shares outstanding with a market price of $15. The preference shares offer an annual dividend of $1.20. Sandy Ltd also has 20,000 ordinary shares outstanding with a price of $8 per share. Calculate the weight of preference equity. (1 Mark) Answer: Do not include a percentage sign. Answers must be expressed as a decimal to 4 places