A corporation can invest $10,000 in preferred stock that pays a 6% dividend quarterly and does not appreciate in price. The corporation faces a 21% tax rate and is eligible for the 70% corporate dividends received deduction (i.e., the corporation only includes 30% of the dividend in its taxable income).

What is the effective tax rate on the dividend? Please enter in percent to the nearest tenth of a percent and without the "%" sign, use 4/5 rounding (0.1175 = 11.75%, enter: 11.8).