Perpetual preferred stock from Preferred Inc. sells for $82 per share, and it pays annual dividend at 11% on a $100 par (Dps=$11). If the company were to sell a new preferred issue, it would incur a flotation cost of 9%. What is the company's cost of preferred stock for use in calculating the WACC? (Express your answer in % and round to the second decimal place. For example, if your answer is 0.1234, write it as 12.34 and leave out the percentage sign.)