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A prestiglous investment bank designed a new security that pays a quarterly dividend of $4:80 in perpetulty. The first dividend occus one quarter from today.

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A prestiglous investment bank designed a new security that pays a quarterly dividend of $4:80 in perpetulty. The first dividend occus one quarter from today. What is the ptice of the security if the stated annual interest rate is 7.7 percent, compoinded quarterly? (Do not round intermediote calculetions. Round the final answer to 2 decimal places. Omit 3 sign in your response.)

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