Duggins Veterinary Supplies can issue perpetual preferred stock at a price of $58 a share with an annual dividend of $4.50 a share. Ignoring flotation costs, what is the company's cost of preferred stock, r_ps? Round your answer to two decimal places.

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5. Cost of Preferred Stock Duggins Veterinary Supplies can issue perpetual preferred stock at a price of $58 a share with an annual dividend of $4.50 a share. Ignoring flotation costs, what is the company's cost of preferred stock, s7 Round your answer to two decimal places