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A firm's preferred stock is selling at $92.06 and pays a $9.00 annual dividend. What is the cost of preferred if flotation costs are 14.15%?

A firm's preferred stock is selling at $92.06 and pays a $9.00 annual dividend. What is the cost of preferred if flotation costs are 14.15%? Round to the nearest $0.01, omit the "#".

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