Deltona issued preferred shares four years ago at $60 per share, with a promised dividend of $5 per share. The company's tax rate is 35%, and its common stock beta is 0.80. Yields on comparable risk preferred stocks are 11%. The floatation expense percentage is 12. What is the cost to Deltona to issue preferred shares under current market conditions? Express your answer as a percentage, and round to two decimal points.