Cost of preferred stock Taylor Systems has just issued preferred stock. The stock has a 11% annual dividend and a $100 par value and was sold at $98.00 per share. In addition, flotation costs of $6.00 per share were paid. Calculate the cost of the preferred stock.

Cost of preferred stock Taylor Systems has just issued preferred stock. The stock has a 11% annual dividend and a $100 par value and was sold at $98.00 per share. In addition, flotation costs of $6.00 per share were paid. Calculate the cost of the preferred stock The cost of the preferred stock is %. (Round to two decimal places.)