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Carby Hardware has an outstanding issue of perpetual preferred stock with an annual dividend of $6.20 per share. If the required return on this preferred

Carby Hardware has an outstanding issue of perpetual preferred stock with an annual dividend of $6.20 per share. If the required return on this preferred stock is 6.5%, at what price should the preferred stock sell?

a. $95.38b. $95.95c. $94.81d. $97.09e. $96.52

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