Doodie Corporation is raising capital through the issuance of Preferred Stocks selling at $664 per share and promises dividends of $35 per year. This company is expected to grow at 3% per year. The broker for this financial operation will charge 3% in fees per share sold. Given that the aggregate corporate tax rate for this company is 37%, compute this Preferred Stock issuance's after tax cost of capital for Doodie corporation. Write your answer as percentage (e.g. if your answer is 5%, write 5 not 0.05). round your answer to two decimal places.