Micro Advantage Inc. hast $ 6,000,000 preferred stock outsta…

Micro Advantage Inc. hast $ 6,000,000 preferred stock outstanding that it sold for $ 21 per share. The preferred stock has a per share value of $20 and pays $2 dividend per year. The current market price is $ 26 per share. The firm’s tax bracket is 20 %. What is the after-tax cost of the preferred stock?