A very profitable company needed more capital to expand their operation and product offerings. It decided to issue 1 million shares of preferred stocks at a par value of $100.00 that pays an annual preferred dividend of $6.00 per share. With a floatation cost of 9.50% on this issue, the cost of preferred stock k_ps is ________%. [TWO-decimal places]

Instructions: You do not need to show work. Just calculate this and type your answer in the box below. Your number format should be in units of % to TWO-decimal places. For example, 65.12% or 65.12 would be acceptable, while 0.65 [a decimal] and 65% and 65.1% and 65.123% and 65.1234% and 65 and 65.1 and 65.123 and 65.1234 would be auto-graded incorrectly.