(Cost of preferred stock) The preferred stock of Walter Industries Inc. Currently sells for $36 36 a share and pays $2.46 in dividend annually. What is the firm's cost of capital for the preferred stock? The fimm's cost of capital for the preferred stock is % (Round to two decimal places) (Cost of preferred stock) The preferred stock of Walter Industries Inc. Currently sells for $36 36 a share and pays $2.46 in dividend annually. What is the firm's cost of capital for the preferred stock? The fimm's cost of capital for the preferred stock is % (Round to two decimal places)