记得notes上是说明flotation costs是作为initial outflow而不计入资本的成本中去的

而sample exam第二套的第37题：

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. The cost of the preferred stock is closest to...

答案是 100*0.12/(95*1.05)     将flotation cost反映在了资本的成本中    请问到底是怎么回事？？？？

记得notes上是说明flotation costs是作为initial outflow而不计入资本的成本中去的：这是corporate finance中计算NPV时要求报酬率的问题。这道题不是一个意思，要具体问题具体处理