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Barton Industries can issue perpetual preferred stock at a price of $47 per share. The stock would pay a constant annual dividend of $3.10 per

Barton Industries can issue perpetual preferred stock at a price of $47 per share. The stock would pay a constant annual dividend of $3.10 per share. If the firm's marginal tax rate is 40%, what is the company's cost of preferred stock? Round your answer to 2 decimal places.

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