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Jensen's Travel Agency has a 7 percent preferred stock outstanding that is currently selling for $48 a share. The market rate of return is 10

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Jensen's Travel Agency has a 7 percent preferred stock outstanding that is currently selling for $48 a share. The market rate of return is 10 percent and the firm's tax rate is 34 percent. What is the Jensen's cost of preferred stock? A.8.75 percent B.9.62 percent C.11.98 percent OD E 14.58 percent 13.25 percent

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