The article “Fin-tech” (The Economist, Jan 26, 2016) traces today’s venture capital industry to 19th century whaling firms in and around New Bedford, Massachusetts. It describes these firms as “the first venture capitalists” and argues that, while whaling soon disappeared,

“the business structures pioneered in New Bedford remain as relevant as they ever were. Without them, the tech booms of the 1990s and today would not have been possible.”

It then goes on to describe the following system:

“At the top of the New Bedford hierarchy was an agent or firm of agents like Gideon Allen, responsible for the purchase and outfitting of the ship, the hiring of the crew and the sale of the catch. To give them an incentive to cut the best deals possible, the agents put up a big share of the investment. Those with the best reputation received better terms from the other investors. Captains, who ran the show while the ship was at sea, often put up capital as well. A similar system of incentives is used in the riskier reaches of the investment-management business today, notes Mr Nicholas.

Investors received half to two-thirds of the profits. The rest was divided among the crew in what was known as the “lay” system. A captain might get a 12th lay (one-twelfth of the remaining profit). In Melville’s novel, Ishmael, who was new to the business, was originally offered a 777th lay but managed to haggle a 300th. Although that would probably have proved a paltry amount, it was a stake nonetheless, and set a benchmark for future pay. Ishmael’s friend Queequeg, a cannibal from the South Sea islands, got a 90th lay because he had experience with a harpoon.”

Suppose the investors in Melville’s novel got two-thirds of the profits. What was the sensitivity of pay to performance of the pay package that Ishmael managed to negotiate (where performance is measured by profits)? Enter your answer in percent (e.g. if you think the answer is 25.75% enter 25.75).