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Firm X has a tax rate of 28%. The price of its new preferred stock is $60 and its flotation cost is $3.00. The cost

Firm X has a tax rate of 28%. The price of its new preferred stock is $60 and its flotation cost is $3.00. The cost of new preferred stock is 13%. What is the firm's dividend?

A) 8.86 B) 7.41 C) 9.56 D) 6.06

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