What is cost of preferred stock-including flotation

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Reference no: EM132039070

Travis Industries plans to issue perpetual preferred stock with an $11.00 dividend. The stock is currently selling for $100.00, but flotation costs will be 5% of the market price, so the net price will be $95.00 per share. What is the cost of the preferred stock, including flotation? Round your answer to two decimal places.

Reference no: EM132039070

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