Nature Food Inc. needs to estimate the cost of financing

Nature Food Inc. needs to estimate the cost of financing on preferred
stock. The firm has preferred stock outstanding that pays a constant dividend of $4.29 per year. That preferred stock is currently selling for $66.51. However, the underwriter would charge flotation costs of $2.18 per share. What is the form’s cost of preferred stock financing?
Round the answers to two decimal places in percentage form.

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