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E-Eyes.com has a new issue of preferred stock it calls 15/15 preferred. The stock will pay a $15 dividend per year, but the first dividend

E-Eyes.com has a new issue of preferred stock it calls 15/15 preferred. The stock will pay a $15 dividend per year, but the first dividend will not be paid until 15 years from today.

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If you require a 6.00 percent return on this stock, how much should you pay today?

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