A company has preferred stock outstanding. It issued the shares at $25 per share 3 years ago. The prevailing treasury yield is 3%. The preferred shares pay a quarterly dividend of $1.50 per share; assuming the company remains in business, expect the dividends to be paid forever. The preferred stock traded today at $24 per share. What is the current cost of preferred stock to be used in a WACC calculation? Round to zero decimal places and use the % symbol (e.g. 34%)