Bobs stuff inc has preferred stock with a stated dividend, Ask an Expert

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Bob's Stuff, Inc has preferred Stock with a stated dividend of $3.01, which currently trading at $27.40 per share, and Bob believes that the company can issue additional shares at that price, but with flotation costs at 8% of the selling price. What is Bob's cost of preferred stock? Answer in decimal form to 4 place. Do not use a percen sign.

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