Dewyco has preferred stock trading at $53 per share. The next preferred dividend of $4 is due in one year. What is Dewyco's cost of capital for preferred stock? The cost of capital for preferred stock...

Extracted text: Dewyco has preferred stock trading at $53 per share. The next preferred dividend of $4 is due in one year. What is Dewyco's cost of capital for preferred stock? The cost of capital for preferred stock is %. (Round to one decimal place.)