The following information relates to FML Corporation: Eight years ago the company issued bonds with a total face value of $9 million. One bond has a face value of $100,000. The bonds have a coupon rate of 5% p.a. and coupons are paid annually. The bonds mature in six years from today. The bonds currently yield 2% p.a., the return on the stock market is 7% p.a., the risk-free return is 1% p.a., and the company tax rate is 30%. FML Corporation has 4 million ordinary shares outstanding that are currently priced at $15 each and have a beta of 1.2. The company has 800,000 preference shares trading at $11 each.

What proportion of the firm's capital structure is ordinary equity?