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1. New York Deli has 7% preferred stock outstanding that sells for $34 a share. THis stock was originally issued at $45 per share. What

1. New York Deli has 7% preferred stock outstanding that sells for $34 a share. THis stock was originally issued at $45 per share. What is the cost of preferred stock?

A. 13.68

B. 14.00

C. 18.29

D. 20.59

E. 20.80

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