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A preferred stock pays an annual dividend of $3.50. If the return required by the shareholders is 9% and the company is expecting earnings growth

A preferred stock pays an annual dividend of $3.50. If the return required by the shareholders is 9% and the company is expecting earnings growth of 4%, then the price per share for this preferred stock is ________

A. $50.00

B. $31.82

C. $38.89

D. $87.50

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