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Bank Trust just issued some new preferred stocks. The issue will pay an annual dividend of $3 in perpetuity, beginning 3 years from now. If

Bank Trust just issued some new preferred stocks. The issue will pay an annual dividend of $3 in perpetuity, beginning 3 years from now. If the discount rate on this investment is 6%, what is the price of the preferred stock today?

A) 50

B) 47.17

C) 44.50

D) 41.98

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