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Pangbourne Whitchurch has preferred stock outstanding. The stock pays a dividend of $12 per share, and sells for $75. The corporate tax rate is 21%.

Pangbourne Whitchurch has preferred stock outstanding. The stock pays a dividend of $12 per share, and sells for $75. The corporate tax rate is 21%. What is the percentage cost of the preferred stock? Note: Enter your answer as a whole percent.

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