= Homework: Chapter 9 Homework Question 5, P9-7 (simila... HW Score: 0%, 0 of 11 points O Points: 0 of 1 Save Cost of preferred stock Taylor Systems has just issued preferred stock. The stock has a 9% annual dividend and a $80 par value and was sold at $78.40 per share. In addition, flotation costs of $7.20 per share were paid. Calculate the cost of the preferred stock. The cost of the preferred stock is %. (Round to two decimal places