Question 12 MCG Company decided to sell perpetual (never matures) preferred stock with an 8% yield (pays out 8% of par as dividend). If the stock had a par value of $150, and the stated flotation costs would amount to 2% of the par value (flotation cost being the amount it costs to actually sell the securitythe price received by the firm is net of sales price minus flotation cost), what is the cost of the perpetual preferred stock? Cost of the perpetual preferred stock = % (Round your answer to two decimal places.) Question 13 Denver Ski Lodge has outstanding debt currently selling for $890. It matures in 5 years, pays interest semi-annually, and has an 8% coupon payment. If par is $1,000 and the tax rate is 40%, what is the after-tax cost of debt? After-tax cost of debt =| % (Round your answer to two decimal places.) Question 14 National Bank just issued a new 40-year, non-callable bond at par (the current price of the bond is $1,000). This bond requires a coupon rate of 17% with semiannual payments and has a par value of $1,000. The tax rate is 35%. What is the after-tax cost of debt? 9.57% 17% 11.05% 10.75%