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| A company is planning a new issue of $100 par preferred stock with a 12 percent dividend. The preferred stock can be sold for $95 per share and the company must pay flotation costs of 5 percent of the market price. Assuming a marginal tax rate of 40 percent, the after‐tax cost of the preferred stock is closest to: A: 8.0%. B:12.6% C:13.3% |
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