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A preferred stock will have an annual dividend next period of $2.11 that will be paid each year in perpetuity. The discount rate is 6.9%.

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A preferred stock will have an annual dividend next period of $2.11 that will be paid each year in perpetuity. The discount rate is 6.9%. What is the current price of the stock? Enter your response below rounded to 2 DECIMAL PLACES

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