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Your firm's preferred stock pays a dividend of $2.82 per year. The current price of the preferred stock is $67.79. Your firm's tax rate is

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Your firm's preferred stock pays a dividend of $2.82 per year. The current price of the preferred stock is $67.79. Your firm's tax rate is 41%. What is your firm's cost of preferred stock? The firm's cost of preferred stock is (Enter the answer in decimal form. Round to two decimal places

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