Cost of preferred stockDetermine the cost for the following preferred stock.(Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet.)

Par value	Sale price	Flotation cost	Annual dividend
$75.00	$72.75	$3.75	10%

The cost of preferred stock is

nothing%.

(Round to two decimal places.)

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DATA TABLE:

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$75.00 $72.75 $3.75 $10