Mathematics

6 April, 22:27

Kyle is raising funds for his company by selling preferred stock. The preferred stock has a par value of $122 and a dividend rate of 6.5 %. The stock is selling for $84.39 in the market. Kyle hires Wilson Investment Bankers to sell the preferred stock. Wilson charges a fee of 1 % on the sale of preferred stock. What is the cost of preferred stock for Kyle using the investment banker?

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