Problem 11-7 Spreadsheet Problem: Weight of Preferred Stock (LG11-4) FarCry Industries, a maker of telecommunications equipment, has 6 million shares of common stock outstanding, 4 million shares of preferred stock outstanding, and 45,000 bonds. Suppose the common shares sell for $27 per share, the preferred shares sell for $14.50 per share, and the bonds sell for 99 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. Weight used es 16.89%