The Auto Group has 1,000 bonds outstanding that are selling for $830 each. The company also has 8,200 shares of preferred stock at a market price of $60 each. The common stock is priced at $55 a share and there are 28,000 shares outstanding. What is the weight of the preferred stock as it relates to the firm's weighted average cost of capital? 34.38 percent 8.60 percent 29.00 percent 53.81 percent 17.19 t