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Oriole Autos has preferred shares outstanding that pay annual dividends of $12, and the current price of the shares is $100. What is the after-tax

Oriole Autos has preferred shares outstanding that pay annual dividends of $12, and the current price of the shares is $100. What is the after-tax cost of new preferred shares for Oriole if the flotation (issuance) costs for preferred shares are 5 percent? (Round final answer to 1 decimal place, e.g. 15.2%.)

After-tax cost of preferred shares

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