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[3] What is the value of a preferred stock that pays a perpetual dividend of $3,100 at the end of each year when the interest

[3]

What is the value of a preferred stock that pays a perpetual dividend of $3,100 at the end of each year when the interest rate is 5 percent?

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$155

$62,000

None of the answers shown is correct.

More information is needed to answer this question.

$15,500

$620

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