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Burnwood Tech plans to issue some $60 par preferred stock with a 596 dividend. A similar stock is selling on the market for $58, Bumwood

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Burnwood Tech plans to issue some $60 par preferred stock with a 596 dividend. A similar stock is selling on the market for $58, Bumwood must pay flotation costs of 7% of the issue price. What is the cost of the preferred stock? Round your answer to two decimal places

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