Table:
|  |  | December 31, 2018 |  |  |
| --- | --- | --- | --- | --- |
| (in thousands) | Level 1 | Level 2 | Level 3 | Total |
| Cash equivalents | $10,155 | $10,000 | - | $20,155 |
| Marketable securities: |  |  |  |  |
| Municipal bonds | $— | $44,705 | — | $44,705 |
| Corporate bonds | — | $48,296 | — | $48,296 |
| Total marketable securities | $— | $93,001 | — | $93,001 |
| Investments in privately-held companies (1) | $— | — | $3,390 | $3,390 |
Paragraphs:
(1) Included in other long-term assets.
For certain other financial instruments, including accounts receivable, unbilled receivables, and accounts payable, the carrying value approximates fair value due to the relatively short maturity of these items.
Question:
What is the value of municipal bonds as a percentage of the total marketable securities?
Answer: 44705/93001  = 48.07