Nature Food Inc. needs to estimate the cost of financing on preferred stock. The firm has preferred stock outstanding that pays a constant dividend of $2.97 per year. That preferred stock is currently selling for $54.32. However, the underwriter would charge flotation costs of $3.81 per share. What is the forms cost of preferred stock financing? Round the answers to two decimal places in percentage form. (Write the percentage sign in the "units" box)