VVV Inc.'s preferred stock is currently traded at $120 per share. Its par value is $80 per share and pays a 9% dividend. What is the company's cost of preferred stock? When answering this problem enter your answer using percentage notation but do not use the % symbol and use two decimals (rounding). For example, if your answer is 0.10469 then enter 10.47; if your answer is 10% then enter 10.00