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Firm X has a tax rate of 32%. The price of its new preferred stock is $62 and its flotation cost is $5.00. The cost

Firm X has a tax rate of 32%. The price of its new preferred stock is $62 and its flotation cost is $5.00. The cost of new preferred stock is 12%. What is the firm's dividend? (Round your answer to 2 decimal places.) $5.49 $8.29 $8.99 $6.84

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