Suppose the Shore Company has this book value balance sheet:

Current assets$31,500,000Current liabilities20,000,000Notes payable11,500,000Fixed assets70,000,000Long-term debt30,000,000Common stock (1 million shares)1,000,000Retained earnings39,000,000Total assets$101,500,000Total liabilities and equity$101,500,000The notes payable are to banks, and the interest rate on this debt is 7%, the same as the rate on new bank loans. These bank loans are not used for seasonal financing but instead are part of the company's permanent capital structure.The long-term debt consists of 50,000 bonds, each with a par value of $1,000, an annual coupon interest rate of 9%, and a 32-year maturity. The going rate of interest on new long-term debt, rd, is 7%, and this is the present yield to maturity on the bonds.The common stock sells at a price of $110 per share.Calculate theweight of long-term debtaccording to firm's market value capital structure.