Travis Industries plans to issue perpetual preferred stock with an $11.00 dividend. The stock is currently selling for $

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answerhappygod
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Travis Industries plans to issue perpetual preferred stock with an $11.00 dividend. The stock is currently selling for $

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Travis Industries plans to issue perpetual preferred stock with
an $11.00 dividend. The stock is currently selling for $105.00, but
flotation costs will be 7% of the market price, so the net price
will be $97.65 per share. What is the cost of the preferred stock,
including flotation? Round your answer to two decimal places.
Answer as a percent.
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