Compute the cost of preferred stock based on the following information:

The firm will issue $5\%$ preferred stock that will sell for $$150$ per$-$share

The flotation cost per$-$share is $$4$

Note: Enter your answer in percentage terms, but don't include the percent sign, and go out two decimal places $($e$.$g$.$ enter $6\mathrm{.}51$ for $6\mathrm{.}51\%).$