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Duggins Veterinary Supplies can issue perpetual preferred stock at a price of $50 a share with an annual dividend of $4.50 per share. Duggins must

Duggins Veterinary Supplies can issue perpetual preferred stock at a price of $50 a share with an annual dividend of $4.50 per share. Duggins must pay flotation costs of 5% of the issue price. What is the Duggins cost of preferred stock?

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