RocoPo Corp. had issued preferred stock with a par value of $80 and each share pays 6% dividend annually. Currently, each share of this preferred stock is trading at $80. 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 0.10469 then enter 10.47; if your answer is 10% then enter 10.00