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What is the after-tax cost of preferred stock under the following circumstances?
a. Par is $80, dividend is $8 per year, and the proceeds are $76.
b. Proceeds are $46, and dividends are $7.
c. Par is $60, dividend is 9 percent (of par), and proceeds are $55.
d. Par is $40, dividend is 11 percent (of par), and proceeds are $40.
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