A company has 1,000,000 shares of common stock outstanding and its stock is currently trading at $50 per share. The firm also has 20,000 bonds outstanding. The bonds are quoted at 116%(?) of face value. What weight should we use for the debt in order to compute the firm's WACC?

a.27.5%

b.31.7%

c.29.2%

d.33.9%

e.36.3%