Froot Loops Bank has an issue of preferred stock with a stated dividend of $3.73 that just sold for $48.3 per share. What is the banks cost of preferred stock? [Enter the final answer in as a percent with two decimals (e.g. 5.55%)]

Raisin Bran Inc., has 12,777 bonds with a 4.25 percent coupon outstanding, $1,000 par value, 20 years to maturity, selling at par; the bonds make semiannual payments. The company has 357,731 shares of common stock outstanding, selling for $38.77 per share; the beta is 1.16. The expected return on the market is 8.29 percent and the risk-free rate is 2.48 percent. The company also has 76,269 shares of 4.92 percent preferred stock outstanding, currently selling for $70.38 per share. Assume the companys tax rate is 26 percent, what is its WACC?

[Enter the final answer in as a percent with two decimals (e.g. 5.55%)]