[CFA入门] 请教一个关于flotation cost的问题~~~~~~~~~~~~~~~ 成本, par, planning, company, initial

hakunamatata

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？？？？