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A corporation has a 9 % cumulative preferred stock issue outstanding. The company paid a $ 7 dividend two years ago and $ 8 last

A corporation has a

9 %

cumulative preferred stock issue outstanding. The company paid a $

7

dividend two years ago and $

8

last year. If the company wants to pay a common stock dividend in the current year, the cumulative preferred stockholders must first receive a dividend of:

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