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2. Problem 10.02 (Cost of Preferred Stock) ellook Torch Industries can Issue perpetual preferred stock at a price of $51.50 a share. The stock would

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2. Problem 10.02 (Cost of Preferred Stock) ellook Torch Industries can Issue perpetual preferred stock at a price of $51.50 a share. The stock would pay a constant annual dividend of $6.50 a share. What is the company's cost of preferred stock, 1. Round your answer to two decimal places. Grade it Now Save & Continue Continue without saving

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