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Cost of preferred stock Taylor Systems has just issued preferred stock. The stock has a 9% annual dividend and a $110 par value and was

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Cost of preferred stock Taylor Systems has just issued preferred stock. The stock has a 9% annual dividend and a $110 par value and was sold at $116.60 per share. In addition, flotation costs of $7.70 per share were paid. Calculate the cost of the preferred stock

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