The Auto Group has 1,000 bonds outstanding that are selling for $820 each. The company also has 8,100 shares of preferred stock at a market price of $55 each. The common stock is priced at $50 a share and there are 27,000 shares outstanding. What is the weight of the preferred stock as it relates to the firm's weighted average cost of capital?

8.52 percent

34.07 percent

51.62 percent

31.35 percent

17.03 percent