Fifth national bank just issued some new preferred stock

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Fifth National Bank just issued some new preferred stock. The issue will pay an annual dividend of $21 in perpetuity, beginning 10 years from now. If the market requires a return of 3.5 percent on this investment, how much does a share of preferred stock cost today? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Stock price $

Reference no: EM131514802

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