Your company has preferred stock outstanding with a $$3\mathrm{.}03$ dividend that is currently selling for $$53\mathrm{.}11$ a share. The market rate of return is $11\mathrm{.}91$ percent and the tax rate is $19$ percent. What is the cost of preferred stock?$($Do not round any intermediate calculations. List your answer as a percent, round your final answer to $2$ decimal places and enter it in the box below.$)$