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Can someone explain this please? What equation is used here? Thank you CHAPTER 8 PROBLEMS VALUATION AND CHARACTERISTICS OF STOCK PROBLEM 8-1 PREFERRED STOCK VALUATION

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Can someone explain this please? What equation is used here? Thank you

CHAPTER 8 PROBLEMS VALUATION AND CHARACTERISTICS OF STOCK PROBLEM 8-1 PREFERRED STOCK VALUATION DATA Dividend rate 16.0% $100.00 Par value Discount rate 12.0% Present Value =

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