IBM company's Stock and Bond information is provided below: Bond Time to Maturity: 15-years, Annual Coupon Rate: 6.00%; PAR Value: $1000; Currently trading at: $1275,54, Corp Tax Rate: 25.00% Preferred Stock - Preferred Stock Price: $65.00, Preferred Annual Dividend: $3.50 Common Stock (Method 1) -- Equity Beta: 1.3; Risk-free Rate: 3.00%; Market Risk Premium: 6.00% Common Stock (Method 2) -- Long-run earnings growth: 7.00%; Expected Dividend (in one year): $2.20; Current Stock Price: $61.00 How much is IBM's cost of preferred stock? Enter your answer in the following format: 0.1234 Hint: Answer is between 0.0474 and 0.0587