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3-5 A preferred stock from Hecla Mining Company (HLPRB) pays $2.20 in annual dividends. If the required rate of return on the preferred stock is

3-5

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A preferred stock from Hecla Mining Company (HLPRB) pays $2.20 in annual dividends. If the required rate of return on the preferred stock is 5.6 percent, what is the fair present value of the stock? (Round your answer to 2 decimal places. (e.g., 32.16))

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