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E-Eyes.com Bank just issued some new preferred stock. The issue will pay an annual dividend of $20 in perpetuity, beginning 20 years from now. If

E-Eyes.com Bank just issued some new preferred stock. The issue will pay an annual dividend of $20 in perpetuity, beginning 20 years from now. If the market requires a return of 5.8 percent on this investment, how much does a share of preferred stock cost today? Please write out steps. Thanks

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