Don't used Ai solution Holdup Bank has an issue of preferred stock with a $1.64 stated dividend that just sold for $37.22 per share. What is the bank's cost of preferred stock?Enter the answer with 4 decimals (e.g. 0.1234).

Cost of preferred stock = Annual Dividend / Market Price per Share= $1.64 / $37.22≈ 0.0441

Answered: Holdup Bank has an issue of preferred…

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter8: Basic Stock Valuation

Section: Chapter Questions

Problem 21MC

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Holdup Bank has an issue of preferred stock with a $1.64 stated dividend that just sold for $37. 22 per share. What is the bank's cost of preferred stock? Enter the answer with 4 decimals (e.g. 0.1234).