Lovell Co. purchased preferred stock in another company. The preferred stock's before-tax yield was 8.20%. The corporate tax rate is 25%. What is the after-tax return on the preferred stock, assuming a 50% dividend exclusion? (Round your final answer to two decimal places.) a. 7.18% b. 8.39% c. 6.74% d. 7.82% e. 6.39%