Cost of preferred stock Taylor Systems has just issued preferred stock. The stock has a $10\%$ annual dividend and a

$$120$ par value and was sold at $$112\mathrm{.}80$ per share. In addition, flotation costs of $$10\mathrm{.}80$ per share were paid. Calculate

the cost of the preferred stock.

The cost of the preferred stock is$\%.($Round to two decimal places.$)$