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BEE Corporation just issued some new preferred stock. The preferred stock will pay an annual dividend of $ 5 in perpetuity, beginning 3 years from

BEE Corporation just issued some new preferred stock. The preferred stock will pay an annual dividend of $5 in perpetuity, beginning 3 years from now. If the market requires a return of 6 percent on this investment, how much does a share of preferred stock cost today? (4 marks)
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