Prestigious investment bank designed a new security

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A prestigious investment bank designed a new security that pays a quarterly dividend of $4.50 in perpetuity. The first dividend occurs one quarter from today.

What is the price of the security if the stated annual interest rate is 6.5 percent, compounded quarterly? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))

Reference no: EM131010903

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