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Calculate the cost of preference capital (k p ) for a non-redeemable preference share which has the following: Price = $16 and a Preference dividend

Calculate the cost of preference capital (kp) for a non-redeemable preference share which has the following:

Price = $16 and a Preference dividend of $1.4paid every six months. Your answer should the effective annual cost as adecimal accurate tofour decimal places.

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