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What is the cost of the preferred stock

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Reference no: EM132999308

Burnwood Tech plans to issue some $60 par preferred stock with a 8%  dividend. A similar stock is selling on the market for $75. Burnwood must pay flotation costs of 4% of the issue price. What is the cost of the preferred stock? Round your answer to two decimal places.

Reference no: EM132999308

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