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Question 8 Not yet answered Marked out of 1.00 Flag question A company's perpetual preferred stock currently sells for $100 per share, and it pays

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Question 8 Not yet answered Marked out of 1.00 Flag question A company's perpetual preferred stock currently sells for $100 per share, and it pays an $9 annual dividend. If the company were to sell a new preferred issue, it would incur a flotation cost of 10% of the issue price. What is the firm's cost of preferred stock? (submit your answer in percentages, not decimals)

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