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Check My Work (3 remaining) E eBook Travis Industries plans to issue perpetual preferred stock with an $11.00 dividend. The stock is currently selling for

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Check My Work (3 remaining) E eBook Travis Industries plans to issue perpetual preferred stock with an $11.00 dividend. The stock is currently selling for $114.00, but flotation costs wil be 6% of the market price, so the net price will be $107.16 per share. What is the cost of the preferred stock, including flotation? Round your answer to two decimal places

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