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y Quantitative Problem: Borton Industries can issue perpetual preferred stock at a price of 556 per stare. The stock would pay a curstant annual dividend

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Quantitative Problem: Borton Industries can issue perpetual preferred stock at a price of 556 per stare. The stock would pay a curstant annual dividend of 33.9 per inhare. if the firm's margiryal tax rote is 25%, what is the company's cost of preferred stock? Round your answer to two decimal glaces

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