What is the cost of the preferred stock-including flotation

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Travis Industries plans to issue perpetual preferred stock with an $11.00 dividend. The stock is currently selling for $97.00; but flotation costs will be 10% of the market price, so the net price will be $87.30 per share. What is the cost of the preferred stock, including flotation? Round your answer to two decimal places.


Reference no: EM131524057


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