Sixth Fourth Bank has an issue of preferred stock with a $3.80 stated dividend that just...
Sixth Fourth Bank has an issue of preferred stock with a $3.80 stated dividend that just sold for $89 per share. What is the bank’s cost of preferred stock? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Homework Answers
The bank’s cost of preferred stock is computed as shown below:
= Dividend / price per share
= $ 3.80 / $ 89
= 4.27% Approximately
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