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3 Cornfield insurance inc. plans to issue additional preferred stock, which it can sell to investors at the current market price of 5936 . The

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Cornfield insurance inc. plans to issue additional preferred stock, which it can sell to investors at the current market price of 5936 . The stock pays a perpetusl dividend of 75 sth of its par value of 550 . The flotation costs of selling new shares are 4.3% of the price. What is the cost of new preferred stock to Comfield insurance inc

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