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What is the price of the security

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Reference no: EM131660655

Can this be solved on the calculor and if not what are the steps?

A prestigious investment bank designed a new security that pays a quarterly dividend of $3.80 in perpetuity. The first dividend occurs one quarter from today.

What is the price of the security if the APR is 3.7 percent, compounded quarterly?

Reference no: EM131660655

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