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8. Problem 10.14 (Cost of Preferred Stock including Flotation) Trovis industries plans to issue perpetual preferred stock with an $11.00 dividend. The stock is currently

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8. Problem 10.14 (Cost of Preferred Stock including Flotation) Trovis industries plans to issue perpetual preferred stock with an $11.00 dividend. The stock is currently selling for $106.50, but flotation costs will be 645 of the market price, so the net price will be $101.99 per share. What is the cost of the preferred stock, induding flotation? flound your answer to two decimal places

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