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15. ABC Corp. just issued some new preferred stock. The issue will pay a $3 quarterly dividend in perpetuity, beginning 12 years from now. If

15. ABC Corp. just issued some new preferred stock. The issue will pay a $3 quarterly dividend in perpetuity, beginning 12 years from now. If the market requires a 8% return on this investment, how much does a share of preferred stock cost today?

Could you explain the question in detail with formula plz! I don't understand others poster answers.

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