Vista Venture Partners is considering an investment in a start-up firm that has developed a new technology for streaming data. If the venture is successful, Vista estimates it will be able to grow the business to an exit value of $380 million in five years. Vista has agreed to an initial investment of $12 million to fund the early-stage development. If Vista has a 45 percent required return, what ownership percentage will it demand in exchange for its investment? Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.

% of exit value = ____ %