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3. What is the cost of preferred stock that sells for $10 per share and offers a $1.20 dividend when the tax rate is 35%?

What is the cost of preferred stock that sells for $10 per share and offers a $1.20 dividend when the tax rate is 35%? A. 4.20% B. 7.80% C. 8.33% D. 12.00%

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