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Company issed a 3.2% non-callable, non-convertible, perpetual preferred shares with a par value of 1,000. Credit ratings probided by S&P is AA-, and the required

Company issed a 3.2% non-callable, non-convertible, perpetual preferred shares with a par value of 1,000. Credit ratings probided by S&P is AA-, and the required return on identically rated preferred shares is 5.8%. What is the intrinsic value of the preferred shares?

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