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2. ABC Corp. has an issue of preferred stock outstanding that pays an annual dividend of $5.17. If the discount rate for the stock is

2. ABC Corp. has an issue of preferred stock outstanding that pays an annual dividend of $5.17. If the discount rate for the stock is 14%, what is the stock's value?

a. $9.12

b. $71.43

c. $36.93

d. $57.14

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