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APEX Corporation issued $50 par value preferred stock that pays an annual dividend of $9. Based on your research, you estimate that the stock has

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APEX Corporation issued $50 par value preferred stock that pays an annual dividend of $9. Based on your research, you estimate that the stock has a required return of 17%. What is the intrinsic value of this preferred stock? $52.94 $55.20 $57.64 $53.83 $57.30

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