Suppose a firm has 19 million shares of common stock outstanding with a par value of \($1.00\) per share. The current market price per share is \($18.35\).

The firm has outstanding debt with a par value of \($114.5\) million selling at 96 percent of par. What capital structure weight would you use for debt when calculating the firm's WACC?

a. 0.15

b. 0.24

c. 0.54

d. 0.76