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Sunland Autos has preferred shares outstanding that pay annual dividends of $13, and the current price of the shares is $80. What is the after-tax

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Sunland Autos has preferred shares outstanding that pay annual dividends of $13, and the current price of the shares is $80. What is the after-tax cost of new preferred shares for Sunland if the flotation (issuance) costs for preferred shares are 5 percent? (Round final answer to 1 decimal place, e.g. 15.2%.) After-tax cost of preferred shares %

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