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Pangbourne Whitechurch has preferred stock outstanding. The stock pays a dividend of $7.00 peer share, and sells for $70.00. The corporate tax rate is 21%.

Pangbourne Whitechurch has preferred stock outstanding. The stock pays a dividend of $7.00 peer share, and sells for $70.00. The corporate tax rate is 21%. What is the percentage cost of the preferred stock? Please enter your answer as a whole percent.

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