ILK has preferred stock selling for 95 percent of par that pays an annual coupon of 7 percent. What would be ILK's component cost of preferred stock? Note: Round your answer to 2 decimal places. Cost of preferred stock %

ILK has preferred stock selling for 95 percent of par that pays an annual coupon of 7 percent. What would be ILK's component cost of preferred stock? Note: Round your answer to 2 decimal places