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3. Tax rate =20%.5M 's preferred stock has a par value of $100 and an anual dividend rate of 3%. If the price of this

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3. Tax rate =20%.5M 's preferred stock has a par value of $100 and an anual dividend rate of 3%. If the price of this preferred stock is $15, calculate the cost of preferred stock and actual cost of preferred stock. Show the time line

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