Problem 10.14 Question 9 of 20 Check My Work (3 remaining) Click here to read the eBook: Cost of Preferred Stock, rp COST OF PREFERRED STOCK INCLUDING FLOTATION Travis Industries plans to issue perpetual preferred stock with an $11.00 dividend. The stock is currently selling for $114.00, but flotation costs will be 7% of the market price, so the net price will be $106.02 per share. What is the cost of the preferred stock, including flotation? Round your answer to two decimal places. Check My Work (3 remaining) Icon Key