Holdup bank has an issue of preferred stock with a 542, Financial Management

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Holdup bank has an issue of preferred stock with a 542

Holdup Bank has an issue of preferred stock with a $5.42 stated dividend that just sold for $96 per share. What is the bank's cost of preferred stock? (Enter your answer as a percentage, omit the "%" sign in your response, and round your answer to 2 decimal places. For example, 0.12345 or 12.345% should be entered as 12.35.)

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Financial Management: Holdup bank has an issue of preferred stock with a 542

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