R&B issues 2 million shares of $17 cumulative preferred stock at a price of $45 per...
R&B issues 2 million shares of $17 cumulative preferred stock at a price of $45 per share. Issue costs are $2 per share. What is the cost of the preferred stock? Round your answer to the nearest whole %.
Homework Answers
Cost of preferred shares = Dividend/Preferred stock price
Preferred stock price = Market price - Floatation cost = $45 - $2 = $43
Cost of preferred shares = $17/$43 = 40%
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