perpetual preferred stock from Franklin Inc. sells for $90 per share, and it pays an $8.25 annual dividend.If the company were to sell a new preferred issue, it would incur a flotation cost of 6.00% of the price paid by investors.What is the companys cost of preferred stock for use in calculating the WACC? Please show all calculations, step by step.

a.8.40%

b.8.90%

c.9.15%

d.9.62%

e.9.75%