Cornfield Insurance Inc. plans to issue additional preferred stock, which it can sell to investors at the current market price of 49.53. The stock pays a perpetual dividend of 5.1% of its par value of $50. The flotation costs of selling new shares are 3.5% of the price. What is the cost of new preferred stock to Cornfield Insurance? Express your answer in %, to the nearest 0.01%; drop the % symbol