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Cost of preferred stock. Kyle is raising funds for his company by selling preferred stock....

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Cost of preferred stock. Kyle is raising funds for his company by selling preferred stock. The preferred stock has a par value of $100 and a dividend rate of 6.0%. The stock is selling for $80.00 in the market. What is the cost of preferred stock for Kyle? .. What is the cost of preferred stock for Kyle? % (Round to two decimal places.)

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