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17. Peachytown bank just issued some new preferred stocks. the issue will pay 20 annual dividend in perpetuity, beginning 20 years from now. If the

17. Peachytown bank just issued some new preferred stocks. the issue will pay 20 annual dividend in perpetuity, beginning 20 years from now. If the market requires a 5.8 percent return on this investment, how much does a share of preferred stock cost today?

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