Problem 11-7 Spreadsheet Problem: Weight of Preferred Stock (LG11-4) FarCry Industries, a maker of telecommunications equipment, has 2 million shares of common stock outstanding, 1 million shares of preferred stock outstanding, and 10,000 bonds. Suppose the common shares sell for $24 per share, the preferred shares sell for $13.00 per share, and the bonds sell for 97 percent of par. What weight should you use for preferred stock in the computation of FarCry's WACC? Note: Round your answer to 2 decimal places. Answer is complete but not entirely correct. Weight used 69.63%