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1. Harmony, Inc. issued $100 par, 7.25% preferred stock four years ago. The stock is currently selling for $85.50. Floatation costs on new preferred

1. Harmony, Inc. issued $100 par, 7.25% preferred stock four years ago. The stock is currently selling for $85.50. Floatation costs on new preferred shares are expected to average 11% of the funds raised. What is Harmony's cost of preferred stock?

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