Firm XYZ has 12 million shares of common stock selling for $45/share. They are expected to pay a $2.25 dividend next year, and the dividend is forecast to grow at 4%. They have 2 million shares of 6% preferred stock selling for $125/share and $100 million of 4% coupon bonds trading at par. They are in the 21% tax bracket. What percentage of XYZ is preferred stock (rounded to the nearest percent) ?