Cost of preferred stock Taylor Systems has just issued preferred stock. The stock has a $8\%$ annual dividend and a $$110$ par value and was sold at $$119\mathrm{.}90$ per share. In addition, flotation costs of $$7\mathrm{.}70$ per share were paid. Calculate the cost of the preferred stock.

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