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eBook Torch Industries can issue perpetual preferred stock at a price of $74.00 a share. The stock would pay a constant annual dividend of $5.50

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eBook Torch Industries can issue perpetual preferred stock at a price of $74.00 a share. The stock would pay a constant annual dividend of $5.50 a share. What is the company's cost of preferred stock, 'p? Round your answer to two decimal places

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