Macho Iron Works was established in 1989. Four years later, the company went public. At that time, Fred Macho, the original owner, decided to establish two classes of stock. The first represents Class A founders’ stock and is entitled to 10 votes per share. The normally traded common stock, designated as Class B, is entitled to one vote per share. In late 2005 Mr. I.M. Meek was considering purchasing shares in Macho Iron Work. While he knew founders’ shares were not present in many companies, he decided to buy the shares anyway because of a new high-technology melting process the company had developed.
Of the 1,500,000 total shares currently outstanding, the original founder’s family owns 62,635 shares. What is the percentage of the founder’s family votes compared to the Class B votes?