Suppose that a given financial institution has $70 billion of equity assets which are to be hedged using a portfolio insurance strategy. Assume that the strategy is designed to provide insurance against the value of the assets declining by more than 5% within one year. As reference, the firms managers have identified a put option which would could also be used to hedge the value of the portfolio. The parameters of the option used as reference are,, T=1, r=.02, =.25, and q=.03. Using this information, calculate the indicated percentage of the original portfolio which should be sold if the market were to decline by 5% on a given day. Report your answer in percentage rounded to two decimal places. Ex. .4155 would be entered as 41.55