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An issue of preferred stock is paying an annual dividend of $ 5 . 0 0 . The growth rate for the firm's common stock

An issue of preferred stock is paying an annual dividend of $5.00. The growth rate for the firm's common stock is 6%. What is the preferred stock price if the required rate of return is 7%?
Note: Round your answer to 2 decimal places.
Multiple Choice
$76.43
$73.93
$71.43
$68.93

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