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A firm is paying an annual dividend of $8.00 for its preferred stock which is selling for $68.00. There is a selling cost of

A firm is paying an annual dividend of $8.00 for its preferred stock which is selling for $68.00. There is a selling cost of $4.00. What is the after- tax cost of preferred stock if the firm's tax rate is 36%? Note: Round your answer to 2 decimal places.

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