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10 years ago, Acme Corporation issued preferred stock at $100 per share with a promised annual dividend of $5. Today, the market price of Acme's

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10 years ago, Acme Corporation issued preferred stock at $100 per share with a promised annual dividend of $5. Today, the market price of Acme's preferred share is $120. What is Acme's cost of preferred stock? 6.48% 20.00% 16.67% 4.17% 5.00%

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