Current Yield on Preferred Shares

Preferred shares are a unique type of equity investment that combine characteristics of both stocks and bonds. Unlike common shares, preferred shares typically provide fixed dividend payments and have priority over common shares in the event of liquidation. However, they usually do not carry voting rights. In this context, consider the following scenario: ABC Corp. has issued preferred shares with a par value of $100 that pay an annual dividend of 6%. If the current market price of the preferred shares is $90, what is the current yield on the preferred shares?