Maness Industries plans to issue some $100 par preferred stock with an 11 percent dividend. The stock

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Maness Industries plans to issue some $100 par preferred stock with an 11 percent dividend. The stock is selling on the market for $97.00, and Maness must pay flotation costs of 5 percent of the market price. What is the cost of the preferred stock for Maness?

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Principles of Finance

ISBN: 978-1285429649

6th edition

Authors: Scott Besley, Eugene F. Brigham

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