As part of the calculations for the WACC of EasySteps Inc. you have been given the following information about the preferred stock of the company. Each share of preferred stock currently trades at $30. Its par value is $90 per share and pays a 7% dividend. What is the company's cost of preferred stock?

When answering this problem enter your answer using percentage notation but do not use the % symbol and use two decimals (rounding). For example, if your answer is 0.10469 then enter 10.47; if your answer is 10% then enter 10.00