Buggy Whip Manufacturing Company is issuing preferred stock yielding 9%. Selten Corporation is considering buying the stock.

Buggy Whip Manufacturing Company is issuing preferred stock yielding 9%. Selten Corporation is considering buying the stock. Assume that Buggy’s tax rate is 0% due to continuing heavy tax losses, and Selten’s tax rate is 30%. What is the after-tax preferred yield for Selten? Assume the tax rate on dividends is 15%. (Round your answer to 2 decimal places.)