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Sixth Fourth Bank has an issue of preferred stock with a $6.90 stated dividend that just sold for $89 per share. What is the bank's

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Sixth Fourth Bank has an issue of preferred stock with a $6.90 stated dividend that just sold for $89 per share. What is the bank's cost of preferred stock? (Do not round intermediate calculations. Enter your answer as a percentage rounded to 2 decimal places (e.g., 32.16).)

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