Question: Melba's Toast has a preferred share issue outstanding with a current price of $ 1 9 . 5 0 . The firm is expected to

Melba's Toast has a preferred share issue outstanding with a current price of $19.50. The firm is expected to pay its next quarterly dividend of $1.45 per share in three months. What is the firm's cost of preferred equity? Show your answer as a percentage and round to 2 decimal points.
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