Thor Bank has an issue of preferred stock with $8.00 stated dividend that just sold for $60 per share.

Thor Bank has an issue of preferred stock with $8.00 stated dividend that just sold for $60 per share.  What is

the bank’s cost of preferred stock?  (show work.  Hint:  P/=Dividend/Price.  Note: if the dividend is expressed as a percentage, then you will have to calculate the dividend by multiplying by the par value.)