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Pangbourne Whitchurch has preferred stock outstanding. The stock pays a dividend of $6 per share, and sells for $60. The corporate tax rate is 35%.

Pangbourne Whitchurch has preferred stock outstanding. The stock pays a dividend of $6 per share, and sells for $60. The corporate tax rate is 35%. What is the percentage cost of the preferred stock? (Enter your answer as a whole percent.)

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