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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 $112 and

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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 $112 and a dividend rate of 10.1%. The stock is selling for $80.66 in the market. What is the cost of preferred stock for Kyle? What is the cost of preferred stock for Kyle? 11.312 % (Round to two decimal places.)

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