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Firm X has a tax rate of 31%. The price of its new preferred stock is $64 and its flotation cost is $2.00. The cost

Firm X has a tax rate of 31%. The price of its new preferred stock is $64 and its flotation cost is $2.00. The cost of new preferred stock is 11%. What is the firm's dividend? (Round your answer to 2 decimal places.)

$8.27

$8.97

$5.47

$6.82

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