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(Cost of preferred stock) Your firm is planning to issue preferred stock. The stock is expected to sell for $98.35 a share and will have

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(Cost of preferred stock) Your firm is planning to issue preferred stock. The stock is expected to sell for $98.35 a share and will have a $100 par value on which the firm will pay a 14.2 percent dividend. What is the cost of capital to the firm for the preferred stock? The firm's cost of capital for the preferred stock is

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