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ABC Inc. has an outstanding preferred share. The preferred share just paid a dividend of $7.10 per share. Dividends are paid annually. The required rate

ABC Inc. has an outstanding preferred share. The preferred share just paid a dividend of $7.10 per share. Dividends are paid annually. The required rate of return on the preferred shares is 9.1% compounded annually. What is the price of the preferred share today? Your answer should be accurate to two decimal places.

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