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35) Cost of preferred stockDetermine the cost for the following preferred stock. Par value Sale price Flotation cost Annual dividend $ 100 $101.00 $6.00 10%

35) Cost of preferred stockDetermine the cost for the following preferred stock.

Par value

Sale price

Flotation cost

Annual dividend

$ 100 $101.00 $6.00 10%

The cost of preferred stock is ___% ?(Round to two decimal places.)

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