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Question 23 1 pts A firm has preferred stock that pays a 9 percent dividend on a $75 par value. If a new issue is offered, flotation costs will be 5 percent of the current market price of $85. The firm's marginal tax rate is 34 percent. What is the firm's cost of preferred stock? 10.57% 7.53% 8.36% 9.91% O 12.74%