Palmetto Corporation has preferred stock that pays a 9% dividend. If the firm issues new shares, each share will be sold for the $50 par value. Flotation costs will be 3 percent of the stock price. The firm's marginal tax rate is 34 percent. What is the firm's cost of preferred stock financing? 9.3% O 18.6% 09.0% 18.0% 6.1%