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Farley Inc. has perpetual preferred stock outstanding that sells for $48.91 per share and pays a dividend of $3.54 at the end of each year.

Farley Inc. has perpetual preferred stock outstanding that sells for $48.91 per share and pays a dividend of $3.54 at the end of each year. What is the company's cost of preferred stock rp? State your answer as a percentage to 2 decimal places. Do not include the % symbol

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