If this question has been previously answered, I apologize as my Search Fu failed me.

Assuming 33K is the armor cap, which leads to 50% mitigation, if I have 40K in armor (which never protects more than the 50% mitigation cap) and I get hit by someone with 7K Penetration, do I still get the full 50% mitigation of 33K armor protection, or am I getting a lesser % mitigation from an equivalent armor value of 26K?

Thanks in advance.

RY