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Duggins Veterinary Supplies can issue perpetual preferred stock at a price of $74.25 a share with an annual dividend of $3.25 a share. Ignoring flotation

Duggins Veterinary Supplies can issue perpetual preferred stock at a price of $74.25 a share with an annual dividend of $3.25 a share. Ignoring flotation costs, what is the company's cost of preferred stock, R_ps?

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