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Markely Industries plans to issue some $100 par preferred stock with an 11% dividend. The stock is selling on the market for $97 and Markely

Markely Industries plans to issue some $100 par preferred stock with an 11% dividend. The stock is selling on the market for $97 and Markely must pay flotation costs of 5% on the market price. what is the cost of the preferred stock to Markely? Please show work to be rated.

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