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A company's $100 par value preferred stock with a dividend rate of 15% per year is currently priced at $105.85 per share. The company's earnings

A company's $100 par value preferred stock with a dividend rate of 15% per year is currently priced at $105.85 per share. The company's earnings are expected to grow in an annual rate of 3% for the foreseeable future. The cost of the company's preferred stock is closest to

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