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A preferred stock from Hela Mining Company (HLPRB) pays $3.80 in annual dividends. If the required rate of return on the preferred stock is 8.8

A preferred stock from Hela Mining Company (HLPRB) pays $3.80 in annual dividends. If the required rate of return on the preferred stock is 8.8 percent, what is the fair present value of the stock? (Round your answer to 2 decimal places. (e.g., 32.16))

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