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Bostwick Company's perpetual preferred stock sels for $85 per share, and it pays an $7.80 annual dividend. f the company were to sell a new preferred issue, it would incur a flotation cost of 4% of the price paid by investors. What is the company's cost of preferred stock for use in calculating the weighted average cost of capital (WACC)? Your answer should be betwicen 7.20 and 11 52.rounded to 2 decimal places, with no special characters 7.20 and 11.52,rounded to 2 decimal places, with no special c