Department 65 consists of an issue of preferred stock which

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Department 65 has an issue of preferred stock that pays a dividend of $4.00. The preferred stockholders require a rate of return on this stock of 9%. At what price should the preferred stock sell for? Round off to the nearest $0.10.

$36.00
$44.40
$62.50
$88.80

Reference no: EM13477898

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