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Traveller's agency plans to issue preferred stock at a price of $60 per share. The dividend will be $3.3 per share, and issuance costs are

Traveller's agency plans to issue preferred stock at a price of $60 per share. The dividend will be $3.3 per share, and issuance costs are expected to be $2 per share. what is the cost to Traveller's agency of raising fund with preferred stock?

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6.5%

4.3%

5.7%

9.2%

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