36. Thurman industries plans to issue a $100 par perpetual preferred stock with a fixed annual dividend of 12 percent of par. It would sell for $105.20, but flotation costs would be 10 percent of the market price. What is the stock after taking flotation costs into account?

A. 12.67% B. 11.41% C. 10.27% D. 11.25% E 14.51%