Watson Power raises capital through the issuance of Preferred stock. [a] What is the cost of preferred stock

Watson Power raises capital through the issuance of Preferred Stock. It issues 35,000 shares of preferred stock. The current stock price is $72.00 The dividend payout ratio is 3.50% The preferred stock has a par value of [a] What is the cost of preferred stock? Ppf = per share. $100.00