Wildhorse Hand Trucks has a preferred share issue outstanding that pays a dividend of $1.30 per year. The current cost of preferred equity for Wildhorse is 10.50 percent. If Wildhorse issues additional preferred shares that pay exactly the same dividend and the investment banker retains 7.50 percent of the sale price.

What is the price of preferred shares before the new issues? (Round final answer to 2 decimal places, e.g. 15.25%.)

Current price of preferred shares: $