The following information relates to IMO Corporation: IMO Corporation has 100,000 preference shares trading at $7 each. Ten years ago, the company issued bonds with a total face value of $5 million. One bond has a face value of $200,000. The bonds have a coupon rate of 1% p.a. and coupons are paid annually. The bonds mature in ten years from today. The bonds currently yield 2% per annum. The return on the stock market is 4% p.a., the government bond rate is 1% p.a., and the company tax rate is 30%. The company has 1 million ordinary shares outstanding that are currently priced at $8 each and have a beta of 0.50. What proportion of the firm's capital structure is ordinary equity