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The Hold Up Bank has issued 30,000,000 shares of preferred stock

Finance

The Hold Up Bank has issued 30,000,000 shares of preferred stock. Each share pays a $3.00 quarterly dividend in perpetuity. If the next dividend is to be paid later today, and one preferred share currently costs $123.00, what is the cost of preferred equity? Calculate as an EAR, not an APR.

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