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L. Bob Rife Company's preferred stock is currently selling for $140.00 and pays a perpetual annual dividend of $9.00 per share. New issues of preferred
L. Bob Rife Company's preferred stock is currently selling for $140.00 and pays a perpetual annual dividend of $9.00 per share. New issues of preferred stock would incur $20 per share in flotation costs. Compute the cost of new preferred stock.
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