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A prestigious investment bank designed a new security that pays a quarterly dividend of $3.60, in perpetuity. The first dividend occurs one quarter from today.

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A prestigious investment bank designed a new security that pays a quarterly dividend of $3.60, in perpetuity. The first dividend occurs one quarter from today. What is the price of the security if the APR is 2.9 percent compounded quarterly? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Present value

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