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Grill Works and More has 8 percent preferred stock outstanding that is currently selling for $48 a share. The stock's par value is $100. The

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Grill Works and More has 8 percent preferred stock outstanding that is currently selling for $48 a share. The stock's par value is $100. The market rate of return is 10 percent and the firm's tax rate is 35 percent. What is the firm's cost of preferred stock

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