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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

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

$110.00 $104.50 $6.60 12%

The cost of preferred stock is %. (Round to two decimal places.)

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