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A firm has determined it can issue preferred stock at $ 6 9 . 5 3 per share par value. The stock will pay a

A firm has determined it can issue preferred stock at $69.53 per share par value. The stock will pay a $3.73 annual dividend. The cost of issuing and selling the stock is $5.81 per share. What is this firm's cost of preferred stock? (Please enter your answer to the nearest basis point- meaning if you calculate 3.758896% then enter 3.76).
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