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A company has a new issue of Preferred Stock it calls 20/20 preferred. The new stock pays a $20 dividend per year , but the

A company has a new issue of Preferred Stock it calls 20/20 preferred. The new stock pays a $20 dividend per year , but the first dividend will not be paid until 20 years from today. If you require a 8% return, how much much should you pay today?

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