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9. Fifth National Bank just issued some new preferred stock. The issue will pay an annual dividend of $22 in perpetuity, beginning 11 years from

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9. Fifth National Bank just issued some new preferred stock. The issue will pay an annual dividend of $22 in perpetuity, beginning 11 years from now. If the market requires a return of 3.6 percent on this investment, how much does a share of preferred stock cost today? a. $420.04 c. $481.05 b. $429.06 d. $492.71

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