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Holdup Bank has an issue of preferred stock with a $9 stated dividend that just sold for $88 per share. What is the bank's cost

Holdup Bank has an issue of preferred stock with a $9 stated dividend that just sold for $88 per share. What is the bank's cost of preferred stock?

9.82%

10.23%

10.74%

9.00%

10.64%

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