Question: Holdup Bank has a preferred stock issue with a declared dividend of $5, selling at $92 per share. What is the bank's preferred stock cost?

Holdup Bank has a preferred stock issue with a declared dividend of $5, selling at $92 per share. What is the bank's preferred stock cost? Enter your answer as a percentage rounded to 2 decimal places, for example 32.16, not 0.3216.

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