A company's capital structure consists of: 1. 100.000 bonds, each with a face value of $100 paying a semi-annual coupon of 6% pa, and with 5 years to maturity. These bonds are currently trading at a market yield of 5% p.a. 2. 1,000,000 ordinary shares currently trading at $20 each. If the company was calculating its weighted average cost of capital (WACC), the proportion of financing provided by bonds is: 34.3% 52.2% 33.3% 35.0% 31.4%