(Cost of preferred stock) The preferred stock of Walter Industries Inc. currently sells for $36.46 a share and pays $2.51 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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(Cost of preferred stock) The preferred stock of Walter Industries Inc. currently sells for $36.46 a share and pays $2.51 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.)
Transcribed Image Text:(Cost of preferred stock) The preferred stock of Walter Industries Inc. currently sells for $36.46 a share and pays $2.51 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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