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A firm has 8% dividend preferred stock with a par value of $100 issued and outstanding. The stock is currently selling for $98.50 in the

A firm has 8% dividend preferred stock with a par value of $100 issued and outstanding. The stock is currently selling for $98.50 in the market today. If the firm is to issue new preferred shares to fund a portion of the new capital expenditures, what is the cost of new preferred share funding?

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