A corporation recently purchased some preferred stock that has a before-tax yield of 6.75%. The company has a tax rate of 25%. What is the after-tax return on the preferred stock? Assume a 50% dividend exclusion for taxes on dividends. (Round your final answer to two decimal places.) a. 5.9196 b. 3.38% c. 5.06% d. 4.22% e. 1.69%