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A prestigious investment bank has designed a new security that pays a quarterly dividend of $1.02 in perpetuity. The first dividend occurs one quarter from

A prestigious investment bank has designed a new security that pays a quarterly dividend of $1.02 in perpetuity. The first dividend occurs one quarter from today. What is the price of the security if the stated annual interest rate is 7.1 %, compounded quarterly?(Round answer to 2 decimal places, round intermediate calculations to 5 decimal places)

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