Burnwood tech plans to issue some 60 par preferred stock, Financial Management

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Burnwood tech plans to issue some 60 par preferred stock

Burnwood Tech plans to issue some $60 par preferred stock with a 7% dividend. A similar stock is selling on the market for $56. Burnwood must pay flotation costs of 7% of the issue price. What is the cost of the preferred stock? Round your answer to two decimal places. %

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Financial Management: Burnwood tech plans to issue some 60 par preferred stock

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