Cost of preferred stock including flotation

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Cost of Preferred Stock Including Flotation

Trivoli Industries plans to issue perpetual preferred stock with an \$11.00 dividend. The stock is currently selling for \$99.50; but flotation costs will be 5% of the market price, so the net price will be \$94.53 per share. What is the cost of the preferred stock, including flotation? Round your answer to two decimal places.

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