Travis Industries plans to issue perpetual preferred stock with an $11.00 dividend. The stock is...
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Travis Industries plans to issue perpetual preferred stock with an $11.00 dividend. The stock is currently selling for $96.50, but flotation costs will be 8% of the market price, so the net price will be $88.78 per share. What is the cost of the preferred stock, including flotation? Round your answer to two decimal places
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