Permatang Berhad is considering the issuance of preferred shares for the first

time. The average yield on preferred stock for companies in its industry is $5\mathrm{.}6\%.$

If the company wish to issue preferred stock at par with a face value of RM$50\mathrm{.}00$

per share, calculate how large would you need to make your annual preferred

dividend if floatation cost is $10\%?$