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3. Duke Energy is a public utility holding company that listed its 5.75 percent cumulative perpetual preferred stock series A on the NYSE Euronext in

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3. Duke Energy is a public utility holding company that listed its 5.75 percent cumulative perpetual preferred stock series A on the NYSE Euronext in March 2019. The par value of the preferred stock is $25. If the required rate of return on this stock is 5.09 percent, estimate the value of the stock. (3 points)

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