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Marshall Shields Co. is selling it's preferred shares for $50. Floatation costs are $3.00 per share and dividends are $8.00 per share. Marshall Shields Co.'s

Marshall Shields Co. is selling it's preferred shares for $50. Floatation costs are $3.00 per share and dividends are $8.00 per share. Marshall Shields Co.'s corporate tax rate is 22%.
What is the cost of the preferred share issue for Marshall Shields Co.?

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