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Early Corporation issued perpetual preferred stock with a dividend rate of 8.27%. on a par value of $97. The stock currently yields 7.18%. What is

Early Corporation issued perpetual preferred stock with a dividend rate of 8.27%. on a par value of $97. The stock currently yields 7.18%. What is the stock's current market value? State your answer to 2 decimal places. Do not include the $ symbol.

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