Problem 11-14 Cost of preferred stock [LO3] Wallace Container Company issued $100 par value preferred stock 10 years ago. The stock provided a 6 percent yield at the time of issue. The preferred stock is now selling for $61. What is the current yield or cost of the preferred stock? (Disregard flotation costs.) (Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places.) Current yield % References WorksheetProblem 11-14 Cost of preferred stock [LO3]