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Problem 11-8 Cost of Preferred Stock (LG11-3) Marme, Inc. has preferred stock selling for 98 percent of par that pays an annual coupon of 11

Problem 11-8 Cost of Preferred Stock (LG11-3) Marme, Inc. has preferred stock selling for 98 percent of par that pays an annual coupon of 11 percent. What would be Marme's component cost of preferred stock? (Round your onswer to 2 decimal places

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