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2) Toto and Associates' preferred stock is selling for $20.50 a share. The flotation costs for new preferred stock is $0.90. The stock pays an

2) Toto and Associates' preferred stock is selling for $20.50 a share. The flotation costs for new preferred stock is $0.90. The stock pays an annual dividend of $1.55 per share. What is the cost of existing, and new, preferred stock respectively?

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