Cost of preferred atock. Kyle is raising funds for his company by selling preferred stock. The preferred stock has a par value of $113 and a dividend rate of 7.95. The stock is seling for 779.16 in the market. Kye hires Wison I ivestment Bankers to sell the preferred stock. Wison charges a fee of 2% on the sale of preferred stock. What is the cost of preferred stock for Kyte using the investrient banker? What is the cost of preferred stock for kyle using the investment barike?? (Round to two decimal places.)