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A company issues 14% irredeemable preference shares of the face value of Rs. 100 each. Flotation costs are estimated to be about 5% of the

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A company issues 14% irredeemable preference shares of the face value of Rs. 100 each. Flotation costs are estimated to be about 5% of the expected sale price. What is the cost of preference shares, if they are issued at (a) par value (b) 10% premium or (c) 5% discount

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