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The price of the preferred stock of XYZ Company is $97.50 a share, and the preferred stocks have a $10.00 dividend per share; what is

The price of the preferred stock of XYZ Company is $97.50 a share, and the preferred stocks have a $10.00 dividend per share; what is XYZ Company's cost of preferred stock?

97.5%

11.3%

10.3%

9.75%

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