A CSIRO study was conducted to estimate the amount of annual government funding received (in thousands of dollars) using number of research projects and amount of private donations from fundraising (in dollars). Data from 51 years was used in the analysis. It was found that the mean square error for the regression was 17 and the total sum of squares was 3000. Hence, what percentage of the variation in annual government funding is explained by the regression equation? Give your answer correct to two decimal places.