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Your firm's preferred stock pays a dividend of $3.43 per year. The current price of the preferred stock is $60.56. Your firm's tax rate is

Your firm's preferred stock pays a dividend of $3.43 per year. The current price of the preferred stock is $60.56. Your firm's tax rate is 37%. What is your firm's cost of preferred stock?

The firm's cost of preferred stock is enter your response here (Enter the answer in decimal form. Round to two decimal places.

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