BA350 Financial Management: 10-4 Burnwood Tech plans to issue some

BA350 Financial Management

10-4 Cost of Preferred Stock with Flotation Costs
Burnwood Tech plans to issue some $60 par preferred stock with a 6% dividend. The stock is selling on the market for $70.00, and Burnwood must pay flotation costs of 5% of the market price.
What is the cost of the preferred stock?
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