A company's perpetual preferred stock has a market value of $433.1 million and pays a dividend rate of 9.25% per year. The company's tax rate is 37%. If the preferred stock's par value is $450 million, what is the company's annual cost of preferred stock financing? 1) 9.89% 2) 8.81% 3) 9.11% 4) 9.61% 5) 10.16%