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9. Warephase Corporation has preferred stock outstanding. The stock has a 15% dividend rate. The stock's market price is $80 per share, and its par

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9. Warephase Corporation has preferred stock outstanding. The stock has a 15\% dividend rate. The stock's market price is $80 per share, and its par value is $75. If new shares are issued, the firm will pay $2 per share in flotation costs. The corporate tax rate is 21%. What is the company's cost of preferred stock financing

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