Brink banks just issued some new preferred stock. The issue will pay a $3 annual dividend perpetuity. If the market requires an 8.5 percent return on this investment, how much does a share of preferred stock cost today? If the market requires a 6 percent return on this investment, how much does a share of preferred stock cost today? If this issue currently sells for $42 per share, what is the required rate of return on the stock?

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