Enert, Inc.’s current capital structure is shown below. This structure is optimal, and the company wishes to maintain it.
Debt 25%
Preferred equity 5
Common equity 70
Enert’s management is planning to build a $75 million facility that will be financed according to this desired capital structure. Currently, $15 million of cash is available for capital expansion. The percentage of the $75 million that will come from a new issue of common stock is