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Big Oil, Inc. has a preferred stock outstanding that pays a $7 annual dividend. If investors required rate of return is 10 percent, what is

Big Oil, Inc. has a preferred stock outstanding that pays a $7 annual dividend. If investors required rate of return is 10 percent, what is the market value of the shares? If the required return declines to 6 percent, what is the change in the price of the stock?

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