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Travis Industries plans to issue perpetual preferred stock with an $11.00 dividend. The stock is currently selling for $92.00, but flotation costs will be 7%

Travis Industries plans to issue perpetual preferred stock with an $11.00 dividend. The stock is currently selling for $92.00, but flotation costs will be 7% of the market price, so the net price will be $85.56 per share. What is the cost of the preferred stock, including flotation? Round your answer to two decimal places.

______%

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