What is the market price of the preferred stock today

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Reference no: EM131329197

Argaiv Towers has outstanding an issue of preferred stock with a par value of $100. It pays an annual dividend equal to 8 percent of par value.

If the required return on Argaiv preferred stock is 6 percent, and if Argaiv pays its next dividend in one year, what is the market price of the preferred stock today?

Reference no: EM131329197

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