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A preferred stock pays a $1.22 annual dividend. What is the maximum price you are willing to pay for one share of this stock today

A preferred stock pays a $1.22 annual dividend. What is the maximum price you are willing to pay for one share of this stock today if your required return is 8.0 percent? Show your answer to the nearest $.01. Enter your answer as a positive number. Do not use $ or, signs in your

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