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ABC Inc has a new issue of preferred stock it calls 15/15 preferred. The stock will pay a $15 dividend per year, but the first
ABC Inc has a new issue of preferred stock it calls 15/15 preferred. The stock will pay a $15 dividend per year, but the first dividend will not be paid until 15 years from today. If the required return on this preferred stock is 7.5%, what is the price of this preferred stock today?
Do not answer with an Excel sheet, please. I need to see the formulas written out. Thank you!
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