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24. The preferred stock of Nadine Fashions pays an annual dividend of $7.25 a share and sells for $54 a share. The tax rate is

24. The preferred stock of Nadine Fashions pays an annual dividend of $7.25 a share and sells for $54 a share. The tax rate is 35 percent. What is the firm's cost of preferred stock? (Please calculate the arithmetic solution and show your work)

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