Blossom Autos has preferred shares outstanding that pay annual dividends of $8, and the current price of the shares is $80. What is the after-tax cost of new preferred shares for Blossom if the flotation (issuance) costs for preferred shares are 5 percent? (Do not round intermediate calculations. Round final answer to 1 decimal place, e.g. 15.2\%.) After-tax cost of preferred shares %