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Delta Rockets recently issued $80.00 par-value preferred stock that pays an annual dividend of $16.00. Based on your research, you estimate that the stock has
Delta Rockets recently issued $80.00 par-value preferred stock that pays an annual dividend of $16.00. Based on your research, you estimate that the stock has a required rate of 17.50%. What is the intrinsic value of this preferred stock?
| Choices: $83.66 |
| $84.66 |
| $91.43 |
| $93.13 |
| $89.52 |
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