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Torch Industries can issue perpetual preferred stock at a price of $23.00 a share. The stock would pay a constant annual dividend of $7.00 a share. What is the company's cost of preferred stock, Tp? Round your answer to two decimal places. Pearson Motors has a target capital structure of 40% debt and 60% common equity, with no preferred stock. The yield to maturity on the company's outstanding bonds is 11%, and its tax rate is 25%. Pearson's CFO estimates that the company's WACC is 11.40%. What is Pearson's cost of common equity? Do not round intermediate calculations. Round your answer to two decimal places. % Jarett & Sons's common stock currently trades at $31.00 a share. It is expected to pay an annual dividend of $2.00 a share at the end of the year (D. - $2.00), and the constant growth rate is 3% a year. a. What is the company's cost of common equity If all of its equity comes from retained earnings? Do not round intermediate calculations. Round your answer to two decimal places b. If the company issued new stock, it would incur a 14% flotation cost. What would be the cost of equity from new stock? Do not round Intermediate calculations. Round your answer to two decimal places. 96