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Bosio Inc's perpetual preferred stock sells for $89.47 per share, and it pays an $8.53 annual dividend. What is the company's cost of preferred stock

Bosio Inc's perpetual preferred stock sells for $89.47 per share, and it pays an $8.53 annual dividend. What is the company's cost of preferred stock for use in calculating the WACC? Show 2 decimals in your answer. Eg. 9.99 %

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