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The preferred stock of BGE, Inc. is sold at $37 and pays a dividend of $7. And, the net price of the security after issuance

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The preferred stock of BGE, Inc. is sold at $37 and pays a dividend of $7. And, the net price of the security after issuance costs is estimated to be $32.56. What is the cost of preferred stock for BGE? The cost of capital for the preferred stock is % (Round to two decimal places.)

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