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Roadhouse Barbeque has outstanding $100 par value preferred stock which pays a(n) 7% annual dividend. If the preferred stock's current market price is 105.04, what

Roadhouse Barbeque has outstanding $100 par value preferred stock which pays a(n) 7% annual dividend. If the preferred stock's current market price is 105.04, what is the firm's cost of preferred stock?

Enter the cost of preferred stock to 2 decimals. For example if you calculate this to be 0.1235, which is 12.35%, enter 12.35

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