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3. The preferred stock of the Clarence Radiology Company has a par value of $ 100 and a $9 dividend rate. You require an 11

3. The preferred stock of the Clarence Radiology Company has a par value of $ 100 and a $9 dividend rate. You require an 11 percent rate of return on this stock. What is the maxi-mum price you would pay for it? Would you buy it at a market price of $ 96?

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