The Color Spectrum uses a combination of common stock, preferred stock, and debt financing. The company wants preferred stock to represent $5$ percent of the total financing. It also wants to structure the firm in a manner that will produce a weighted average cost of capital of $8$ percent. The aftertax cost of debt is $4\mathrm{.}6$ percent, the cost of preferred is $8\mathrm{.}2$ percent, and the cost of common stock is $10\mathrm{.}4$ percent. What percentage of the firm's capital funding should be debt financing?

$47\mathrm{.}28$ percent

$42\mathrm{.}02$ percent

$34\mathrm{.}06$ percent

$39\mathrm{.}48$ percent

$44\mathrm{.}14$ percent