Optimal Capital Structure: Company A is setting its target capital structure. The CFO believes that the optimal debt-to-capital ratio is between 25% and 60%. The following projections are derived by the finance team. Various debt levels were considered.

Debt/Capital Ration Projected EPS Projected Stock Price

Dept/Capital Ratio	Projected EPS	Projected Stock Price
25%	$4.20	$40.00
35%	$4.45	$41.50
45%	$4.75	$41.25
60%	$4.50	$40.59

Assuming the company uses only debt and common equity, what is the optimal capital structure? At what debt-to-capital ratio is the company's WACC minimized? Please show calculations.