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Caspian is considering raising $41.00 million by issuing preferred stock. They believe the market will use a discount rate of 9.00% to value the preferred

Caspian is considering raising $41.00 million by issuing preferred stock. They believe the market will use a discount rate of 9.00% to value the preferred stock which will pay a dividend of $2.17. How many shares will they need to issue?

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