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(Cost of preferred stock) The preferred stock of Texas Southern Power Company sells for $38 and pays $6 in dividends. The net price of the

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(Cost of preferred stock) The preferred stock of Texas Southern Power Company sells for $38 and pays $6 in dividends. The net price of the security after issuance costs is $32 68. What is the cost of capital for the preferred stock? The cost of capital for the preferred stock is % (Round to two decimal places)

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