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Savers has an issue of preferred stock with a $6.80 stated dividend that just sold for $88 per share. What is the bank's cost of

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Savers has an issue of preferred stock with a $6.80 stated dividend that just sold for $88 per share. What is the bank's cost of preferred stock? Note: Do not round intermediate colculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16

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