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Bank cost of preferred stock

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Fifteenth Bank has an issue of 7% preferred stock with a $100 par value that just sold for $109 per share. What is the bank's cost of preferred stock? (Show your work and round your answer to two decimal places)

Reference no: EM131099150

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Bank cost of preferred stock : Fifteenth Bank has an issue of 7% preferred stock with a $100 par value that just sold for $109 per share. What is the bank's cost of preferred stock? (Show your work and round your answer to two decimal places)
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