The following information was drawn from the accounting records of Kerry Company. Net income Preferred stock outstanding, 5% cumulative Market price per share of common stock Common Stock outstanding Average number of common shares outstanding Dividends per share on common stock $ 204,000 $ 44,000 1,260,000 $ 15.00 $ 104,000 shares per $ 0.70 share Based on this information the company's dividend yield on its common stock is Note: Round your answer to one decimal place.