What would be the cost of new preferred stock if the firm, Financial Management

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What would be the cost of new preferred stock if the firm

A firm's existing preferred stock pays a $5 dividend, has a par value of $60 and is selling for $50. What would be the cost of new preferred stock if the firm decided to issue some at the current price and dividend? Assume investment bankers will charge $2 per share to sell the stock and the tax rate is 30%.

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