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(cost of preffered stock) Your firm is planning to issue preferred stock. The stock is expected to sell for $98.64 a share and will have

(cost of preffered stock) Your firm is planning to issue preferred stock. The stock is expected to sell for $98.64 a share and will have a $100 par value on which the firm will pay a 13.6 percent dividend. What is the cost of capital to the firm for the preferred stock? The firm's cost of capital for the preffered stock is ?%.

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