b. The second option is to issue new preferred stock at a market price of $56.00, with a $5.00 annual dividend. The net proceeds per share after paying flotation costs are $51.50. i. What are the flotation costs as a percentage of market price? (2 pts.) ii. What is the cost of capital for these preferred shares? (2 pts.) iii. How many preferred stock certificates must be sold to raise the needed funds? ( 2 pts.) b. The second option is to issue new preferred stock at a market price of $56.00, with a $5.00 annual dividend. The net proceeds per share after paying flotation costs are $51.50. i. What are the flotation costs as a percentage of market price? (2 pts.) ii. What is the cost of capital for these preferred shares? (2 pts.) iii. How many preferred stock certificates must be sold to raise the needed funds? ( 2 pts.)