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Coaldale Bank has an issue of preferred stock with a $3.75 stated dividend that just sold for $87 per share What is the bank's cost

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Coaldale Bank has an issue of preferred stock with a $3.75 stated dividend that just sold for $87 per share What is the bank's cost of preferred stock? (Do not round intermediate calculations. Round the final answer to 2 decimal places.) Cost of preferred stock

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