Travis Industries plans to issue perpetual preferred stock with an $11.00 dividend. The stock is currently selling for $111.50, but flotation costs will be 9% of the market price, so the net price will be $101.47 per share. What is the cost of the preferred stock, including flotation?

Travis Industries plans to issue perpetual preferred stock with an $11.00 dividend. The stock is currently selling for $111.50, but flotation costs will be 9% of the market price, so the net price will be $101.47 per share. What is the cost of the preferred stock, including flotation? Round your answer to two decimal places