Even though the question is described as the continuation of problem 23, you really don't need anything from Q23 to be able to do this problem

Repeat Problem 23 assuming the stock offering will be preferred stock rather than common stock. The preferred stock will sell for $124.0/share, pay $9 annual dividend, and have a cost of selling of $0.50 per share Based on this change, here is how 4-23 now looks Lahoma Enterprises, Inc. needs $15.5 milion to finance a major product development. The project will be financed from the following sources: Source Loans Amount $2,600,000 $4,100,000 $5,000,000 Comments 14%/yr with semiannual compounding 12% bond interest rate, quarterly premiums Sells for $124.0/share $9 annual dividend Cost of selling is $0.50/share Bonds Preferred Stock Retained Earnings $3,800,000 Lahoma Enterprises effective tax rate is 37.00% ith taxes paid an all The stock price is stable. Management deter mines MARR based on then eight MARR is 20%). Determine the appropriate value of MARR for evaluating the project. d average cost of pita pius896 .if the eight ave age stof pita s % MARR (Round your answer to 2 decimal places. The tolerance is+-0.01)