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A preferred stock will pay a dividend of $3 per quarter of the annual return is 7.99%, what is the stock worth today? Better to

A preferred stock will pay a dividend of $3 per quarter of the annual return is 7.99%, what is the stock worth today?

Better to find the quarterly interest rate (by using the effective interest rate formula, not simply divide by 4) and then use it to find the stock price.

Do not copy Chegg and give a complete answer with the specific method asked above.

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