A companys perpetual preferred stock currently sells for, Financial Management

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A companys perpetual preferred stock currently sells for

A company's perpetual preferred stock currently sells for $115.00 per share, and it pays an $8.00 annual dividend.

If the company were to sell a new preferred issue, it would incur a flotation cost of 5.00% of the issue price.

What is the firm's cost of preferred stock?

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