Instructions: You are required to use a financial calculator or spreadsheet (Excel) to solve 10 problems related to the cost of capital (page 4). You are required to show the following 3 steps for each problem (sample questions and solutions are provided for guidance): (i) Describe and interpret the assumptions related to the problem. (ii) Apply the appropriate mathematical model to solve the problem. (iii) Calculate the correct solution to the problem. Submit all answers as percentages and round to two decimal places. Chlorostand Inc. plans to make an issue of new preferred stock. The companys existing preferred stock currently sells in the market for $175.00 per share and offers a fixed annual dividend of $12.00 per share. New issues of preferred stock would incur $24.00 per share in flotation costs. What is the companys cost of new preferredstock?