A corporation recently purchased some preferred stock that has a before-tax yield of 9.25%. The company has a tax rate of 30%. What is the after-tax return on the preferred stock? Assume a 70% dividend exclusion for tax on dividends. (Round your final answer to two decimal places.)

	a.	8.20%
	b.	9.59%
	c.	9.75%
	d.	6.97%
	e.	8.41%