Preferred stock is a hybrid security, because it has some characteristics typical of debt and others typical of equity. The following table lists vario characteristics of preferred stock, Determine which of these characteristics is consistent with debt and which is consistent with equity. Consider the case of Galbraith Enterprises: At the present time, Galbraith Enterprises does not have any preferred stock outstanding but is looking to include preterred stock in its capitat structure in the future. Galturaith has found some institutional investors that are willing to purchase its preferred stock issue provided that it pays perpetual dividend of $11 per share. If the imvestors pay $95.70 per-share for thair investment, then Galbraiths cost of preferred stock (rounded four decimal places) will be