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Question: Duggins Veterinary Supplies can issue perpetual preferred stock at a price of $64.00 per share with an annual dividend of $6.00 a share. Ignoring flotation costs, what is the company's cost of preferred stock, rps? Round your answer to two decimal places. The response must be typed, single spaced, must be in times new roman font (size 12) and must follow the APA format.

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