Florida Groves has a $250,000 face value bond issue outstanding that is selling at 108 percent of face value. The firm also has 5,000 shares of preferred stock valued at $38 a share and 45,000 shares of common stock valued at $14 a share. What weight should be assigned to the preferred stock when computing the firm's weighted average cost of capital?

17.43 percent

15.21 percent

26.72 percent

33.33 percent