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Cornfield insurance inc. plans to issue additional preferred stock, which it can sell to investors at the current market price of 58.53. The stock pays

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Cornfield insurance inc. plans to issue additional preferred stock, which it can sell to investors at the current market price of 58.53. The stock pays a perpe dividend of 5.5% of its par value of 350 . The flotation costs of selling new shares are 3.4% of the price. What is the cost of new preferred stock to cornfield insurance inc

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