[Solved] L&M preferred stock is selling for $22 a

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L&M preferred stock is selling for $22 a share. The firm issuance costs are 10% of the selling price. The stock pays an annual dividend

L&M preferred stock is selling for $22 a share. The firm issuance costs are 10% of the selling price. The stock pays an annual dividend of $1.250 per share. What is the cost of existing, and new, preferred stock respectively?

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