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Perpetual preferred stock from Franklin Inc. sells for $97.69 per share, and it pays a $2.10 annual dividend. If the company were to sell a

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Perpetual preferred stock from Franklin Inc. sells for $97.69 per share, and it pays a $2.10 annual dividend. If the company were to sell a nevwpreferred issue, it would incur a flotation cost of 2% of the price paid by investors. What is the company's cost of preferred stock for use in calculating the WACC? 2.17% 2.15% 02.19%

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