has preferred stock trading at $$$$54\mathrm{.}88$ per share. The next preferred dividend of $$$$3\mathrm{.}50$ is due in one year. What is Dewyco$\text{'}$s cost of capital for preferred$$ stock?

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Part $1$

Dewyco$\text{'}$s cost of capital for preferred stock is

$$

enter your response here$\%.($Round to two decimal$$ places.$)$