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Bayside Corporation has an issue of preferred stock outstanding that has an 9.4% dividend rate on a par value of $75. The stocks market price

Bayside Corporation has an issue of preferred stock outstanding that has an 9.4% dividend rate on a par value of $75. The stocks market price is $50 and investors require a 12.5% rate of return on this stock. What is the intrinsic value of the preferred stock?

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