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CBC Inc. has an outstanding issue of preferred stock with an annual dividend of $5 per share. If the required return on this preferred stock

CBC Inc. has an outstanding issue of preferred stock with an annual dividend of $5 per share. If the required return on this preferred stock is 10%, at what price should the preferred stock sell in 3 years (that is, at t=3)?

Select one:

a. $55b. $65c. $50d. $45e. $60

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