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Firm X has a tax rate of 33%. The price of its new preferred stock is $70 and its flotation cost is $2.00. The cost

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Firm X has a tax rate of 33%. The price of its new preferred stock is $70 and its flotation cost is $2.00. The cost of new preferred stock is 13%. What is the firm's dividend? (Round your answer to 2 decimal places.) Multiple Choice $8.84 $7.49 $10.99 $10.29

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