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Your company has preferred stock outstanding with a $3.45 dividend that is currently selling for $45.61 a share. The market rate of return is 14.08

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Your company has preferred stock outstanding with a $3.45 dividend that is currently selling for $45.61 a share. The market rate of return is 14.08 percent and the tax rate is 15 percent. What is the cost of preferred stock? (Do not round any intermediate calculations. List your answer as a percent, round your final answer to 2 decimal places and enter it in the box below.)

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