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ABC just issued some new preferred stock which is somewhat exotic in nature. The issue will pay an annual dividend of $25.81 in perpetuity, beginning

image text in transcribed ABC just issued some new preferred stock which is somewhat exotic in nature. The issue will pay an annual dividend of $25.81 in perpetuity, beginning 16 years from now. If the market requires a return of 3.73 percent on this investment, how much does a share of this stock cost today? (Do NOT include the \$ sign. Round your final answer to 2 decimal places, e.g. 110.10)

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