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Please show work and I will rate A company has a 4% preferred stock outstanding that is currently selling for $79 a share. Firm's tax

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A company has a 4% preferred stock outstanding that is currently selling for $79 a share. Firm's tax rate is 35 percent. What is the cost of preferred stock? (Enter your answers a percent rounded to 2 decimal places, leave out % sign, for example, for answer 0.43%, enter 0.43 only)

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