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A company can sell new preferred stock at $80 per share with an annual dividend of $7 per share. However, the company must pay a

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A company can sell new preferred stock at $80 per share with an annual dividend of $7 per share. However, the company must pay a 5% flotation cost of the preferred stock price in order to sell it. What is the cost of using the new preferred stock? 9.21% 6.13% 8.31% 596

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