Question: PLEASE SHOW CLEARLY THE ANSWER BOTH ROUNDED & NOT ROUNDED. THANK YOU (Cost of preferred stock) The preferred stock of Walter Industries Inc. currently sells

PLEASE SHOW CLEARLY THE ANSWER BOTH ROUNDED & NOT ROUNDED. THANK YOU

(Cost of preferred stock) The preferred stock of Walter Industries Inc. currently sells for $35.83 a share and pays $2.57 in dividends annually. What is the firm's cost of capital for the preferred stock? The firm's cost of capital for the preferred stock is \%. (Round to two decimal places.)

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