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A firm has 12,000 shares of common stock outstanding with a market value of $39 per share. There are 5,000 shares of preferred stock with
A firm has 12,000 shares of common stock outstanding with a market value of $39 per share. There are 5,000 shares of preferred stock with a market value of $24. There is a $400,000 face value bond issue outstanding that is selling at 85% of par. What weight should be placed on the preferred stock when computing the firm's WACC? Enter your answer as a percentage rounded to 2 decimal places.
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