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Michael's Inc. 9% preferred stock is currently priced at $124.30. If Michael's wishes to sell some new preferred stock at par, what rate should it

Michael's Inc. 9% preferred stock is currently priced at $124.30. If Michael's wishes to sell some new preferred stock at par, what rate should it assign to the new shares?

A. 6.76% B. 7.24%

C. 8.05%

D. 9.00%

E. 11.19%

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