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Holdup Bank has an issue of preferred stock with a $6.25 stated dividend that just sold for $99 per share. What is the banks cost

Holdup Bank has an issue of preferred stock with a $6.25 stated dividend that just sold for $99 per share. What is the banks cost of preferred stock? (Round your answer to 2 decimal places. (e.g., 32.16)) Preferred stock %

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