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Caspian Sea is considering raising $22.00 million by issuing preferred stock. They believe the market will use a discount rate of 10.71% to value the

Caspian Sea is considering raising $22.00 million by issuing preferred stock. They believe the market will use a discount rate of 10.71% to value the preferred stock which will pay a dividend of $2.36. How many shares will they need to issue?

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