Your company has preferred stock outstanding with a $4.48 dividend that is currently selling for $50.66 a share. The market rate of return is 12.78 percent and the tax rate is 12 percent. What is the cost of preferred stock?

2uestion 22 Your company has preferred stock outstanding with a $4.48 dividend that is currently se return is 12.78 percent and the tax rate is 12 percent. What is the cost of preferred stock? (Do not round any intermediate calculations. List your answer as a percent, pound your hir helow.)