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IVY has preferred stock selling for 96.1 percent of par that pays a 8.9 percent annual coupon. What would be IVY's component cost of preferred

IVY has preferred stock selling for 96.1 percent of par that pays a 8.9 percent annual coupon. What would be IVY's component cost of preferred stock?

8.55%

8.90%

34.71%

9.26%

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