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I Need Money Corp. plans to launch a $70 par value preferred stock issue with a 6% dividend. Similar preferred stock is currently trading at

I Need Money Corp. plans to launch a $70 par value preferred stock issue with a 6% dividend.

Similar preferred stock is currently trading at $80 per share.

I Need Money Corporation's investment bankers will charge a 4% flotation cost to sell the preferred stock via an Initial Public Offering (IPO).

What is the cost of the preferred stock that should be used in the WACC calculation?

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