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Casino Games Company preferred stock pays a perpetual annual dividend of 3.6% of its $100 par value. If investors require rate of return on this

Casino Games Company preferred stock pays a perpetual annual dividend of 3.6% of its $100 par value. If investors require rate of return on this stock is 11%, what is the intrinsic value per share?

a. $32.73

b. $29.82

c. $7.40

d. $3.60

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