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E-Eyes.com Bank just issued some new preferred stock. The issue will pay a $13 annual dividend in perpetuity, beginning 6 years from now. Required :

E-Eyes.com Bank just issued some new preferred stock. The issue will pay a $13 annual dividend in perpetuity, beginning 6 years from now.

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If the market requires a 10 percent return on this investment, how much does a share of preferred stock cost today?

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