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1. Bee's Honey Spa has preferred stock outstanding that pays an annual dividend of $3.50 per share. The preferred stock's par value is $10, and

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1. Bee's Honey Spa has preferred stock outstanding that pays an annual dividend of $3.50 per share. The preferred stock's par value is $10, and it is trading in the market at $58.70 per share. What is the firm's cost of preferred stock

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