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A company's preferred shares pay a $ 2 . 0 5 dividend every three months in perpetuity. What is the fair market value of the

A company's preferred shares pay a $2.05 dividend every three months in perpetuity. What is the fair market value of the shares just after payment of a dividend if the rate of return required by the market on shares of similar risk is 6.6% compounded quarterly? (Round your answer to 2 decimal places.)

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