RocoPo Corp. had issued preferred stock with a par value of $90 and each share pays 8% dividend annually.Currently, each share of this preferred stock is trading at $110. What is the company's cost of preferred stock?

When answering this problem enter your answer using percentage notation but do not use the % symbol and use two decimals (rounding). For example, if your answer is 0.10469then enter 10.47; if your answer is 10%then enter 10.00