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Torch industries can issue perpetual preferred stock at a price of $53.50 a share. The stock would pay a constant annual dividend of s6.00 a

Torch industries can issue perpetual preferred stock at a price of $53.50 a share. The stock would pay a constant annual dividend of s6.00 a share. What is the comparys cost of greferred stock, rp ? Round your answer to two decimal places

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