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Question 9 Sayer Industries plans to issue preferred stock with a $8 annual dividend per share. The stock price per share is currently $88.00 and

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Question 9 Sayer Industries plans to issue preferred stock with a $8 annual dividend per share. The stock price per share is currently $88.00 and because Sayer must use an investment banker to help with the new issue, its flotation cost on the new issue is 16% of the current price. Sayer's cost of selling preferred stock is closest to?(round to nearest whole percentage) 11% 8% 21% 14%

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