Wallace Container Company issued $100 par value preferred stock 10 years ago. The stock provided a 6 percent yield at the time of issue. The preferred stock is now selling for $78.

What is the current yield or cost of the preferred stock? (Disregard flotation costs.) (Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places.)

Wallace Container Company issued $100 par value preferred stock 10 years ago. The stock provided a 6 percent yield at the time of issue. The preferred stock is now selling for $78. What is the current yield or cost of the preferred stock? (Disregard flotation costs.) (Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places.) co ae s nut youramewer seourp Current yield