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Nature Food Inc. needs to estimate the cost of financing on preferred stock. The firm has preferred stock outstanding that pays a constant dividend of

Nature Food Inc. needs to estimate the cost of financing on preferred stock. The firm has preferred stock outstanding that pays a constant dividend of $2.75 per year. That preferred stock is currently selling for $64.92. However, the underwriter would charge flotation costs of $3.46 per share. What is the forms cost of preferred stock financing?

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