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How much does a share of preferred stock cost today

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Fifth National Bank just issued some new preferred stock. The issue will pay an annual dividend of $13 in perpetuity, beginning 18 years from now. If the market requires a return of 4.3 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.)

Reference no: EM132376581

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