JJ firm issues preferred dividends at an annual rate of $2.16. Its current preferred stock price is $21.05. Assume that the equity beta for JJ is 1.30. The Yield on 10-year treasuries is 3.80%, and that the market risk premium for the year is 8%. The company's EPS expected growth is 2%. For this year, the dividends for JJ firm are the same for common and preferred stock; additionally the price for common stock is $29. What is the preferred cost of equity for JJ Firm? NOTE: Answer in percentages. That is, if your answer is 90% or 0.90, you should answer 90.00, not 0.90