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Your company has preferred stock outstanding with a $4.77 dividend that is currently selling for $41.45 a share. The market rate of return is

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Your company has preferred stock outstanding with a $4.77 dividend that is currently selling for $41.45 a share. The market rate of return is 14.88 percent and the tax rate is 15 percent. What is the cost of preferred stock? A (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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