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Alcoa has one class of preferred stock outstandind.The dividend per share for the preferred stock is $3.75,for which are 564,042 shares outstanding.If the price of

Alcoa has one class of preferred stock outstandind.The dividend per share for the preferred stock is $3.75,for which are 564,042 shares outstanding.If the price of this stock is $72,What is the estimate of Alcoa's cost of preferred equity? Please show all steps in arriving at answer and explain.

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