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15 A company has an outstanding issue of perpetual preferred stock with an annual dividend of $7.75 per share. The par value of the preferred

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A company has an outstanding issue of perpetual preferred stock with an annual dividend of $7.75 per share. The par value of the preferred stock is $100 and its current market price is $88. The expected return on this preferred stock is 8.75% 7.24% 7.75% 8.24% 8.81%

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