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Please show each step of the algebraic work. All the other answers just jump to the answer. Preston Industries has a WACC of 12.78 percent.

Please show each step of the algebraic work. All the other answers just jump to the answer.

Preston Industries has a WACC of 12.78 percent. The capital structure consists of 61.7 percent equity and 36.7 percent debt. The aftertax cost of debt is 7.2 percent and the cost of equity is 15.90 percent. What is the cost of preferred stock?

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