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Holdup Bank has an issue of preferred stock with a $6 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 $6 stated dividend that just sold for $88 per share. What is the bank's cost of preferred stock?

rev: 09_20_2012

6.82%

6.55%

6.00%

7.09%

7.16%

*If possible, could you solve it in excel, and show the formulas? Thank you!

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