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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 $120 and

Cost of preferred stock. Kyle is raising funds for his company by selling preferred stock. The preferred stock has a par value of $120 and a dividend rate of 8.6%. The stock is selling for $84.74 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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