Zimmerman Inc. issued $1,000, 25-year bonds 5 years ago at a coupon rate of 10% compounded semiannually. There were 3,000 bonds issued and similar bonds are now selling to yield 12% annually. Zimmerman does not have preferred stock and the market value of equity is $3,000,000. Calculate the component weight of debt based on market values. (Round to nearest whole percentage)
41%
46%
54%
59%