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Cost of preferred stock ZMG Systems has just issued preferred stock. The current price of the preferred shares is $79 per share, with a face

Cost of preferred stock ZMG Systems has just issued preferred stock. The current price of the preferred shares is $79 per share, with a face value of $ 97 and the dividend payable of 9.39% per annum. The floatation cost is $2.66 per share. Calculate the cost of the company's preferred shares?

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