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An industry has 3 million common stock shares, 1 million preferred outstanding, and 10,000 bonds. Common share sells for 27.00 per share, preferred sells for

An industry has 3 million common stock shares, 1 million preferred outstanding, and 10,000 bonds. Common share sells for 27.00 per share, preferred sells for 14.50 per share, and bonds are selling for 98% of par. What weight should be used for preferred stock in the computation of the industry's WACC?

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