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Rhodok Corporation has preferred stock outstanding. The stock has an 11% dividend rate. The stock’s market...

Rhodok Corporation has preferred stock outstanding. The stock has an 11% dividend rate. The stock’s market price is $80 per share, and its par value is $75. If new shares are issued, the firm will pay $2 per share in flotation costs. The corporate tax rate is 21% What is the company’s cost of preferred stock financing?
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