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Cost of preferred stock. Kyle is raising funds for his company by selling preferred stock. The preferred stock has a par value of $75 and

Cost of preferred stock. Kyle is raising funds for his company by selling preferred stock. The preferred stock has a par value of $75 and a dividend rate of 10.4%.

The stock is selling for $58.52 in the market. What is the cost of preferred stock for Kyle?

% (round to 2 decimal places)

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