Question
A few years ago, Hendersen Corp. issued preferred stock paying 8% of its par value of $49. The issue is currently selling for $35. Preferred
A few years ago, Hendersen Corp. issued preferred stock paying 8% of its par value of $49. The issue is currently selling for $35. Preferred stock flotation costs are 12% of the proceeds of the sale. What is Hendersen's cost of preferred stock? Round the answer to two decimal places.
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