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IVY has preferred stock selling for 97.1 percent of par that pays a 7.9 percent annual coupon. What would be IVY's component cost of preferred

IVY has preferred stock selling for 97.1 percent of par that pays a 7.9 percent annual coupon. What would be IVY's component cost of preferred stock?

7.90%

8.14%

7.67%

22.91%

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