A company has issued preferred stock with an annual dividend of $$3\mathrm{.}4$ that will be paid in perpetuity. The current price of the stock is $$36\mathrm{.}02.$ What is the expected rate of return on the preferred stock? Enter your answer as a percentage. Do not include the percentage sign in your answer.

Enter your response below rounded to $2$ DECIMAL PLACES.

Number

$\%$