Stock Savers has an issue of preferred stock with a $$3\mathrm{.}85$ stated dividend that just sold for $$87$ per share. What is the bank's cost of preferred stock?

Question $2$ options:

$11\mathrm{.}53\%$

$12\mathrm{.}68\%$

$13\mathrm{.}95\%$

$10\mathrm{.}38\%$