In its most recent annual report, the balance sheet of Taiwan Technologies, Inc. (TTI) shows a balance of $15 million for long-term debt and $19 million for common equity. TTI has 985,000 shares of common stock outstanding, priced today at $55.27 a share. TTI has 11,000 bonds outstanding, each with a face value of $1000 and a current price per bond of $988.83. TTI has no preferred stock outstanding. When TTI computes its weighted average cost of capital, what should be used for the weight of debt?