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E-Eyes just issued a new preferred stock. The issue will pay annual dividend of $17 in perpetuity, beginning 10 years from now. If the market

E-Eyes just issued a new preferred stock. The issue will pay annual dividend of
$17 in perpetuity, beginning 10 years from now. If the market requires a 12% return
on this investment, how much does a share of preferred stock cost today?

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