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#16 Caspian Sea is considering raising $46.00 million by issuing preferred stock. They believe the market will use a discount rate of 12.31% to value

#16 Caspian Sea is considering raising $46.00 million by issuing preferred stock. They believe the market will use a discount rate of 12.31% to value the preferred stock which will pay a dividend of $3.92. How many shares will they need to issue? Submit Answer format: Currency: Round to: O decimal places

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