Torch Industries can issue perpetual preferred stock at a price of $60.00 a share. The stock would pay a constant annual dividend of $6.50 a share. What is the company's cost of preferred stock, rp? Round your answer to two decimal places.

Check My Work (3 rem eBook Torch Industries can Issue perpetual preferred stock at a price of $60.00 a share. The stock would pay a constant annual dividend of $6.50 a share. Whu company's cost of preferred stock, to? Round your answer to two decimal places. %