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Bethesda Water has an issue of preferred stock outstanding with a coupon rate of 5.70 percent that sells for $95.66 per share. If the par value is $100, what is the cost of the company's preferred stock?

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abiolataiwo2015

Answer:

5.95%

Explanation:

Preferred stock outstanding with a coupon rate of 5.70 percent ÷ sells for $95.66 per share × the par value of $100

5.70/95.66 X 100

= 5.95%

The cost of the company's preferred stock is 5.95%

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