Preferred share of stock

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What should Chris be willing to pay for a preferred share of stock that promises to pay him a cash dividend of ?$85 at the end of each? year, which will increase by 1?% every year? forever? The interest rate is fixed at 5.75?%.

Chris should be willing to pay ?$__ for a preferred share of the stock. ?(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as? needed.)

Reference no: EM133204712

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