Commonwealth Enterprises currently has one issue of preferred stock outstanding. The preferred stock pays an annual dividend of $3.76 a share and it is currently trading for a price of $44.70 a share. The preferred stock has a book value of $7.6 million and Commonwealth's tax rate is 36%. When Commonwealth computes its weighted average cost of capital, what should it use as the cost of preferred stock? Enter your answer in units of percent (not a decimal), round it to one decimal place, and omit percent signs (i.e., enter 20.41% as 20.4)