为什么这里的95是P0呢

问题如下：

A company is planning a new issue of $100 par preferred stock with a 12% dividend. The preferred stock can be sold for $95 per share and the company must pay flotation costs of 5% of the market price. Assuming a marginal tax rate of 40%, the after-tax cost of the preferred stock is closest to:

选项：

A.8.0% B.

12.6%

C.

13.3%

解释：

The component cost of preferred stock is calculated as: (100 × 0.12) / (95 × 0.95)= 0.133 or 13.3%. Note that preferred stock is not tax advantaged.