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Strawberry Fields has sold 1,000 shares of preferred stock at $70.00 per share, and it pays a $5.00 annual dividend forever. The tax rate is

Strawberry Fields has sold 1,000 shares of preferred stock at $70.00 per share, and it pays a $5.00 annual dividend forever. The tax rate is 33%. What is the company's cost of preferred stock?

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