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Achi Corp. has preferred stock with an annual dividend of $2.94. If the required roturn on Achis preferred stock is 8.4%, what is its prico?

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Achi Corp. has preferred stock with an annual dividend of $2.94. If the required roturn on Achis preferred stock is 8.4%, what is its prico? (Hint for a becterred atook tere divind groh nies zero.) Achi's stock prico will be 5 (Round to the nearest cent.)

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