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Maness Industries plans to issue some $100 par preferred stock with an 11 percent dividend. The stock is selling on the market for $97.00, and

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Maness Industries plans to issue some $100 par preferred stock with an 11 percent dividend. The stock is selling on the market for $97.00, and Maness must pay flotation costs of 5 percent of the market price. What is the cost of the preferred stock for Maness

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