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(Cost of preferred stock) The preferred stock of Walter Industries inc. currently seils for $36.63 a share and pays $2.49 in dividends annually. What is

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(Cost of preferred stock) The preferred stock of Walter Industries inc. currently seils for $36.63 a share and pays $2.49 in dividends annually. What is the firm's cost of capital for the preferred stock? The firm's cost of capital for the preferred stock is K. (Round to two decimal places)

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