Company SSS had issued $100 par preferred stock with a 5% dividend. Currently, the price of each preferred stock is $70. 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