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A preferred stock from Duquesne Light Company (DQUPRA) pays $3.50 in annual dividends. If the required return on the preferred stock is 6.40 percent, whats

A preferred stock from Duquesne Light Company (DQUPRA) pays $3.50 in annual dividends. If the required return on the preferred stock is 6.40 percent, whats the value of the stock? (Round your answer to 2 decimal places.)

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