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APEX Corporation issued $50.00 par-value preferred stock that pays an annual dividend of $9.00. Based on your research, you estimate that the stock has a

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APEX Corporation issued $50.00 par-value preferred stock that pays an annual dividend of $9.00. Based on your research, you estimate that the stock has a required rate of 17.00%. What is the intrinsic value of this preferred stock? $57.30 $55.20 $53.83 $52.94 $57.64

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