YYY Corporation is raising capital through the issuance of Preferred Stocks selling at $813 per share and promises dividends of $47 per year. This company is expected to grow at 4% per year. The broker for this financial operation will charge 4% in fees per share sold. Given that the aggregate corporate tax rate for this company is 32%, compute this Preferred Stock issuance's after tax cost of capital for the corporation. Write your answer as percentage (e.g. if your answer is 5%, write 5 not 0.05).