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14. Problem 10.14 (Cost of Preferred Stock including Flotation) eBook Travis Industries plans to issue perpetual preferred stock with an $11.00 dividend. The stock is

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14. Problem 10.14 (Cost of Preferred Stock including Flotation) eBook Travis Industries plans to issue perpetual preferred stock with an $11.00 dividend. The stock is currently selling for $90.00, but flotation costs will be 6% of the market price, so the net price will be $84.60 per share. What is the cost of the preferred stock, including flotation? Round your answer to two decimal places. %

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