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Cost of preferred stock. Kyle is raising funds for his company by selling preferred stock. The a par value of $95 and a dividend rate

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Cost of preferred stock. Kyle is raising funds for his company by selling preferred stock. The a par value of $95 and a dividend rate of 5.9%. The stock is selling for $60.67 in the market. What is the cost of preferred stock for Kyle? What is the cost of preferred stock for Kyle? \% (Round to two decimal places.)

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