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Holdup Bank has an issue of preferred stock with a $1.21 stated dividend that just sold for $58.99 per share. What is the bank's cost

Holdup Bank has an issue of preferred stock with a $1.21 stated dividend that just sold for $58.99 per share. What is the bank's cost of preferred stock? Enter the answer with 4 decimals (e.g. 0.1234).

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