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Determine the cost for the following preferred stock. Par Value $75.00 Sale Price: $74.25 Floatation...

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Finance

Determine the cost for the following preferred stock.

Par Value $75.00

Sale Price: $74.25

Floatation Cost: $4.50

Annual Dividend: 9%

The cost of preferred stock is __% (round to 2 decimal places).

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