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Quantitative Problem: Barton Industries can issue perpetual preferred stock at a price of $43 per share. The stock would pay a constant annual dividend of

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Quantitative Problem: Barton Industries can issue perpetual preferred stock at a price of $43 per share. The stock would pay a constant annual dividend of \$3.89 pershare. If the firm's marginal tax rate is 2545 , what is the company's cost of preferred rtock? Round your answer to two decinal places. 96

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