Question 6 1 pts Target % in Capital Structure Debt 40% Preferred Stock 10% Equity 50% Tax Rate = 21% Outstanding Bond Preferred Stock Info Common Stock Info (Annual Coupons) Preferred Divided $5 Current Dividend $3.00 Time to Maturity (years) 15 Current Market Price $59 Current Price $50.00 Coupon Rate 5.00% APR Preferred Yield Expected Growth in 2.16% Dividends Face Value |$1,000 Current $1,240 Market Price Using the information in the table, what is the firm's cost of referred stock? State your answer as a percentage to two decimal places le 8.5.30)