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Achi Corp. has preferred stock with an annual dividend of $3.04. If the required return on Achi's preferred stock is 7.6%, what is its price?

Achi Corp. has preferred stock with an annual dividend of $3.04. If the required return on Achi's preferred stock is 7.6%,

what is its price?

(Hint: For a preferred stock, the dividend growth rate is zero.) Achi's stock price will be? (Round to the nearest cent.)

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