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Wallace Container Company issued $100 par value preferred stock 10 years ago. The stock provided a 5 percent yield at the time of issue. The

Wallace Container Company issued $100 par value preferred stock 10 years ago. The stock provided a 5 percent yield at the time of issue. The preferred stock is now selling for $76.

What is the current yield or cost of thepreferred stock? (Disregard flotation costs.)

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