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Kyle is raising funds for his company by selling preferred stock. The preferred stock has a par value of $119 and a dividend rate of

Kyle is raising funds for his company by selling preferred stock. The preferred stock has a par value of $119 and a dividend rate of 8.7%. The stock is selling for $72.46 in the market. Kyle hires Wilson Investment Bankers to sell the preferred stock. Wilson charges a fee of 3% on the sale of preferred stock. What is the cost of preferred stick for Kyle using the investment banker?

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