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Calculate the preferred stock cost

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Reference no: EM132920239

Problem 1: Mitty Bhd has issued preferred stock with a par value of $60 per share. A $3.5 yearly dividend will be paid on the stock. The stock was issued and sold at a cost of $2 per share. Calculate the preferred stock's cost.

A. 5.33 percent

B. 5.83 percent

C. 6.33 percent

D. 6.03 percent

Reference no: EM132920239

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