You are given the following data for ABC Company
The selling share price of perpetual preferred stock	$95.00
Average Annual dividends	$9.00
For selling a new preferred stock, the company will incur
Flotation cost based on the price paid by investors	5.30%
The company?s cost of preferred stock used in calculating weighted average cost of capital is

a.	Less than 9%
b.	Between 9.00% and 9.10%
c.	Between 10.00% and 10.10%
d.	More than 11%