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orch Industries can issue perpetual preferred stock at a price of $51.50 a share. The stock would pay a constant annual dividend of $5.00 a

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orch Industries can issue perpetual preferred stock at a price of $51.50 a share. The stock would pay a constant annual dividend of $5.00 a share. What is the company's iost of preferred stock, rp ? Round your answer to two decimal places. %

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