The following problem will be used to answer the next question. The Doug and Bob Corporation is calculating its WACC. Its 200,000 bonds have a 5% coupon, paid semi-annually, a current maturity of 30 years, and sell for a quoted price of 105. The firm's 400,000 shares of preferred stock (par $100) pays a 6.5% annual dividend and currently sells for $90. Doug and Bob is a constant growth firm which just paid a dividend of $2.00 (Do), sells for $40.00 per share; it has 19,000,000 shares outstanding, and the common stock has an estimated growth rate of 9%. The firm's beta is 1.5, and the firm's marginal tax rate is 20%. The return on the market is 12% and the risk free rate is 5%. What is the weight of debt in Doug and Bob's capital structure (approximately)? 20.9% 30.2% 31.8%