Terrell Trucking Company is in the process of setting its target capital structure. The CFO believes that the optimal debt-to-capital ratio is somewhere between 20% and 50%, and her staff has compiled the following projections for EPS and the stock price at various debt levels:

Debt/Capital Ratio	Projected EPS	Projected Stock Price
20%	$3.10	$34.25
30%	$3.55	$36.00
40%	$3.70	$35.50
50%	$3.55	$34.00

Assuming that the firm uses only debt and common equity, what is Terrells optimal capital structure? At what debt-to-capital ratio is the companys WACC minimized?