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A preferred stock pays an annual dividend of $ 6 . If you want to earn 7 . 5 percent APR on this investment, what

A preferred stock pays an annual dividend of $6. If you want to earn 7.5 percent APR on this investment, what is the maximum amount you should pay to purchase one share of this stock today? (Hint: You should treat the cash flows of a preferred stock as a perpetuity.)
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b. $79
d. $81
a. $78
c. $80

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