EcoTours, Inc.'s perpetual preferred stock currently trades at $94.50 per share, and it pays a $1.95 quarterly dividend.If the company were to sell a new preferred issue, it would incur flotation costs of 4.00% of the issue price.What is EcoTours' cost of preferred stock?Note:Enter your answer rounded off to two decimal points.Do not enter % in the answer box.For example, if your answer is 0.13456 or 13.456% then enter as 13.46 in the answer box.