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The preferred stock of Dolphin Pools pays an annual dividend of $5.20 a share and sells for $48 a share. The tax rate is 21

The preferred stock of Dolphin Pools pays an annual dividend of $5.20 a share and sells for $48 a share. The tax rate is 21 percent. What is the firm's cost of preferred stock? a. 9.67% b. 10.94% c. 10.83% d. 15.59% e. 16.47%

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