Pangbourne Whitchurch has preferred stock outstanding. The stock pays a dividend of $8 per share, and sells for $40. The corporate tax rate is 21%. What is the percentage cost of the preferred stock? (Enter your answer as a whole percent.) Answer is complete but not entirely correct. 2 % Cost of preferred stock 5 Reliable Electric is a regulated public utility, and it is expected to provide steady dividend growth of 4% per year for the indefinite future. Its last dividend was $6 per share; the stock sold for $60 per share just after the dividend was paid. What is the company's percentage cost of equity? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) 1.66 points Cost of equity %