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Current Attempt in Progress Cullumber Energy Company has issued perpetual preferred stock with a stated (par) value of $100 and a dividend of 4.5 percent.

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Current Attempt in Progress Cullumber Energy Company has issued perpetual preferred stock with a stated (par) value of $100 and a dividend of 4.5 percent. If the required rate of return is 11.25 percent, what is the stock's current market price? (Round answer to 2 decimal places, e.g. 15.25.) Current market price

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