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Determine the cost for the following preferred stock. Par value Sale price Flotation cost Annual dividend $110.00 $104.50 $6.60 12% The cost of preferred stock

Determine the cost for the following preferred stock.

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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