Your company has preferred stock outstanding with a $$5\mathrm{.}48$ dividend that is currently selling for $$51\mathrm{.}48$ a share. The market rate of return is $12\mathrm{.}55$ percent and the tax rate is $18$ 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.$)$