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Problem 10.02 (Cost of Preferred Stock) Question 2 of 20 Check My Work (3 remaining) eBook Torch Industries can issue perpetual preferred stock at a

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Problem 10.02 (Cost of Preferred Stock) Question 2 of 20 Check My Work (3 remaining) eBook Torch Industries can issue perpetual preferred stock at a price of $69.50 a share. The stock would pay a constant annual dividend of $4.50 a share. What is the company's cost of preferred stock, rp? Round your answer to two decimal places

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