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A non-redeemable preference share is paying a constant dividend of $7. What is the current price if the market yield for such shares is 9

A non-redeemable preference share is paying a constant dividend of $7. What is the current price if the market yield for such shares is 9 %? Your answer should be calculated to the nearest cent, e.g. 23.167 should be entered as 23.17. Do not enter the $ sign.

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