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The Wheeler Company issued $80 par value preferred stock 17 years ago. The stock provided a 9 percent yield at the time of issue. The

The Wheeler Company issued $80 par value preferred stock 17 years ago. The stock provided a 9 percent yield at the time of issue. The preferred stock is now selling for $62. What is the current yield or cost of the preferred stock? (Disregard flotation costs.)

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