the cost of the preferred stock? Round your answer to two decimal places. %

eBook Problem Walk-Through Cost of Preferred Stock with Flotation Costs Burnwood Tech plans to issue some $60 par preferred stock with a 6% dividend. A similar stock is selling on the market for $73. Burnwood must pay flotation costs of 4% of the issue price. What is the cost of the preferred stock? Round your answer to two decimal places. Check My Work (2 remaining)