Note: Answers should be clearly labeled (for example, Answer = $2,300; Answer = A is preferred since )

Only if there are more than 6 decimal points, round up to 6 decimal points (for example, 21.237888743 => 21.237889; 21.233333333 => 21.233333).

Use the following symbols for arithmetic operations: Instructions: Holdup Bank has an issue of preferred stock with a $6.05 stated dividend that just sold for $97 per share. What is the banks cost of preferred stock?