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Achi Corp has preferred stock with an annual dividend of $ 2 . 9 9 . If the required return on Achi's preferred stock is

Achi Corp has preferred stock with an annual dividend of $2.99. 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 $.(Round to the nearest cent.)
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