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Filmore Industries can issue perpetual preferred stock at a price of $41 per share. The stock would pay a constant annual dividend of $2.64 per

Filmore Industries can issue perpetual preferred stock at a price of $41 per share. The stock would pay a constant annual dividend of $2.64 per share. If the firm's marginal tax rate is 25%, what is the company's cost of preferred stock? Round your answer in percent form to two decimal places.

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