Kyle is raising funds for his company by selling preferred stock. The preferred stock has a par value of $105 and a dividend rate of

  Kyle is raising funds for his company by selling preferred stock. The preferred stock has a par value of ​$105 and a dividend rate of 8.5​%. The stock is selling for ​$71.94 in the market. What is the cost of preferred stock for​ Kyle?

What is the cost of preferred stock for​ Kyle?