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(Cost of preferred stock) The prefened stock of Toxas Southem Power Company selis for $42 and pays $5 in dividends. The net price of the

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(Cost of preferred stock) The prefened stock of Toxas Southem Power Company selis for $42 and pays $5 in dividends. The net price of the securily affer issuance costs is $35.70. What is the cost of capitai for the preferrod stock? The cost of capilal for the preferred stock is \%. (Round to two decimal places.)

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