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Cross Country Transportation Co. just issued preferred stock that, beginning 20 years from now, will pay a $13.50 annual dividend in perpetuity. What is one

  1. Cross Country Transportation Co. just issued preferred stock that, beginning 20 years from now, will pay a $13.50 annual dividend in perpetuity. What is one share of this stock worth today if investors require an 11 percent return on this investment?

  1. $15.43
  2. $16.90
  3. $17.80
  4. $18.32
  5. $19.56

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