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Achi Corp. has preferred stock with an annual dividend of $2.96. If the required return on Achi's preferred stock is 7.7%, what is its price?

Achi Corp. has preferred stock with an annual dividend of $2.96. If the required return on Achi's preferred stock is 7.7%, what is its price? (Hint: For a preferred stock, the dividend growth rate is zero.) Achi's stock price will be $

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