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Sammy's Veterinary Supplies can issue perpetual preferred stock at a price of $64.50 a share with an annual dividend of $3.50 a share. Ignoring flotation

Sammy's Veterinary Supplies can issue perpetual preferred stock at a price of $64.50 a share with an annual dividend of $3.50 a share. Ignoring flotation costs, what is the company's cost of preferred stock, rps? 

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