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Help Save & E A firm's preferred stock pays an annual dividend of $9, and the stock sells for $79. Flotation costs for new issuances

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Help Save & E A firm's preferred stock pays an annual dividend of $9, and the stock sells for $79. Flotation costs for new issuances of preferred stock are 6% of the stock value. What is the after-tax cost of preferred stock if the firm's tax rate is 37%? (Round your answer to 2 decimal places.) Multiple Choice 1212 13.57 10.77 1427

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