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Burnwood Tech plans to issue some $151 par preferred stock with a 11% dividend. A similar stock is selling on the market for $163. Burnwood

Burnwood Tech plans to issue some $151 par preferred stock with a 11% dividend. A similar stock is selling on the market for $163. Burnwood must pay flotation costs of 3% of the issue price. What is the cost of the preferred stock?

Please - no rounding

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