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If the dividends paid on a preferred stock issue are $ 6 . 9 7 per share, the tax rate is 2 7 % ,

If the dividends paid on a preferred stock issue are $6.97 per share, the tax rate is 27%, and the price of the stock is $70 with $6? share in flotation costs, calculate cost of preferred stock. (Answer in percentage terms, rounded to 2 decimal places
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