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Bosio Inc.'s perpetual preferred stock sells for $97.50 per share, and it pays an $8.50 annual dividend. What is the company's cost of preferred stock

Bosio Inc.'s perpetual preferred stock sells for $97.50 per share, and it pays an $8.50 annual dividend. What is the company's cost of preferred stock for use in calculating the WACC?Assume there are no flotation costs incurred when selling new preferred stock.

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