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Burnwood Tech plans to issue some $70 par preferred stock with a 5% dividend. A similar stock is selling on the market for $80. Burnwood

Burnwood Tech plans to issue some $70 par preferred stock with a 5% dividend. A similar stock is selling on the market for $80. Burnwood must pay flotation costs of 4% of the issue price. What is the cost of the preferred stock? Round your answer to two decimal places.

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