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Assume Morrison Inc. has issued a share of preferred stock that pays an annual dividend of $12. The relevant interest rate is 6%. Assume the

Assume Morrison Inc. has issued a share of preferred stock that pays an annual dividend of $12. The relevant interest rate is 6%.

Assume the Morrison preferred stock is currently callable at $175. What is its price if the first dividend is in exactly 12 months?

		$200
		$175
		$375
		$25

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