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Travis Industries plans to issue perpetual preferred stock with an $11.00 dividend. The stock is currently selling for $103.00, but flotation costs will be 6% of the market price, so the net price will be $96.82 per share. What is the cost of the preferred stock, including flotation? Round your answer to two decimal places.

per share. What is the cost of the preferred stock, including flotation? Round your answer to two decimal places. %