Cost of preferred stock. Kyle is raising funds for his company by selling preferred stock. The preferred stock has a par value of $106 and a dividend rate of 7.6%. The stock is selling for $89.09 in the market. Kyle hires Wilson Investment Bankers to sell the preferred stock. Wilson charges a fee of 3% on the sale of preferred stock. What is the cost of preferred stock for Kyle using the investment banker? What is the cost of preferred stock for Kyle using the investment banker? \% (Round to two decimal places.)