By-Way Trucking has a 9 % preferred stock outstanding that is currently selling for $52 a share. The market rate of return is 12 % and the firm's tax rate is 35 %. What is By-Way's cost of preferred stock?
A) 10.84 %
B) 11.25 %
C) 12.64 %
D) 16.68 %
E) 17.31 %
Correct Answer:
Verified
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