An issue of preferred stock pays a $2.46 dividend each quarter, and is currently trading at $175 per share. The annualized cost of preferred equity, Rp, from this source of funding is _____%. Margin of error for correct responses: +/-.05%. Rounding and Formatting instructions: Do not enter dollar signs, percent signs, or commas in your response. Do not round any intermediate work, but round your final response to 2 decimal places (example: if your answer is 12.3456%, you should enter 12.35)