Travis Industries plans to issue perpetual preferred stock with an $$11\mathrm{.}00$ dividend. The stock is currently selling for $$114\mathrm{.}50,$ but flotation costs will be $10\%$ of the market price, so the net price will be $$103\mathrm{.}05$ per share. What is the cost of the preferred stock, including flotation? Round your answer to two decimal places.