Costly Corporation is considering a new preferred stock issue. The preferred would have a par value of $600 with an annual dividend equal to 15.0% of par. The company believes that the market value of the stock would be $442.00 per share with otation costs of $18.00 per share. The rm's marginal tax rate is 40%. What is the rm's cost of preferred stock? 23.33% 20.36% 21.23% 18.96% 17.19%