A firm earns $895 million in profits and pays $626 million in dividends for the year.

The firm has 135 million shares of preferred stock and 390 million shares of common stock.  The preferred stock is guaranteed a dividend of $1.30 per year and costs $32 per share.  The common stock costs $29 per share. 

What is the dividend yield for the preferred stock? (Round to 1 decimal place.)