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Suppose Half-Price-Bookstore company is about to sell 100,000 preferred stocks at the price of $42 per share which pays $5 annual dividend. If the flotation

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Suppose Half-Price-Bookstore company is about to sell 100,000 preferred stocks at the price of $42 per share which pays $5 annual dividend. If the flotation cost is 9% of the stock price then, what is the cost of capital for the preferred stock? (State your answer in percentage with two decimal point)

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