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Deep Elum Mining Co. has a new issue of preferred stock. The stock will pay $25 dividened per year, but the first dividend will not

Deep Elum Mining Co. has a new issue of preferred stock. The stock will pay $25 dividened per year, but the first dividend will not be paid until 18 years from today. If you require a return of 6.5 percent on this stock, how much should you pay today for a share of this stock?

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