using the info in the table, what is the firm's cost of preferred stock?

Target % in Capital Structure Debt 40% Preferred Stock 10% Equity 50% Tax Rate = 21% Outstanding Bond Preferred Stock Info Common Stock Info (Annual Coupons) Preferred Divided $3 Current Dividend $3.00 Time to 15 Maturity (years) Current $86 Market Price Current Price $50.00 Coupon Rate 5.00% Preferred Yield Expected Growth in Dividends 2.16% APR Face Value $1,000 Current Market $1.240 Price