Question: Wayne Enterprises Corp. issued $100, 9% preferred stock five years ago. The shares are currently selling for $86.70. Assuming Fuller has to pay flotation costs

Wayne Enterprises Corp. issued $100, 9% preferred stock five years ago. The shares are currently selling for $86.70. Assuming Fuller has to pay flotation costs of 13.5%, what is the company's cost of preferred stock? Round the answer to two decimal places. Do not include the "%".

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