Crane Hand Trucks has a preferred share issue outstanding that pays a dividend of $1.30 per year. The current cost of preferred equity for Crane is 9.80 percent. Crane issues additional preferred shares that pay exactly the same dividend and the investment banker retains 8.20 percent of the sale price.

What is the current price of preferred shares? (Round intermediate calculations to 4 decimal places, e.g. 1.2514 and final answer to 2 decimal places, e.g. 15.25%.)