Cost of preferred stock, Kulets raising funds for his company by selling preferred stock. The preferred stock has a par value of $$79$ and a dividend rafe of $7\mathrm{.}1\%.$ The stock is suling for $$50\mathrm{.}01$ in the market. What is the cost of preferred stock for Kyle?What is the cost of preferred stock for Kyle?$\%($Round to two decimal places.