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Our ConsultingGroup, has been asked to consult on a potential preferred stock offering by Brave New World. This 14% preferred stock issue would be sold

Our ConsultingGroup, has been asked to consult on a potential preferred stock offering by Brave New World. This 14% preferred stock issue would be sold at its par value of $50 per share. Flotation costs would total $4.00 per share. Calculate the cost of this preferred stock.

The cost of preferred stock is ______%?

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