Red Melon has preferred stock that pays a dividend of $9.00 per share and sells for $100 per share. It is considering issuing new shares of preferred stock. These new shares incur an underwriting (or flotation) cost of 2.10%. How much will Red Melon pay to the underwriter on a per-share basis? $88.11 $97.90 $2.10 $2.31 After it pays its underwriter, how much will Red Melon receive from each share of preferred stock that it issues? $97.90 $1.79 $2.31 $2.10 $88.11 Based on this information, Red Melon's cost of preferred stock is