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Melba's Toast has a preferred share issue outstanding with a current price of $21.00. The firm is expected to pay a dividend of $2.40 per share a year from today. What is the firm's cost of preferred equity? (Round to two decimal places) 11.43% 12.25% 14.84% 10.62% Melba's Toast has a preferred share issue outstanding with a current price of $21.00. The firm is expected to pay a dividend of $2.40 per share a year from today. What is the firm's cost of preferred equity? (Round to two decimal places) 11.43% 12.25% 14.84% 10.62%