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Fifth National Bank just issued some new preferred stock. The issue will pay an annual dividend of $20 in perpetuity, beginning 9 years from now

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Fifth National Bank just issued some new preferred stock. The issue will pay an annual dividend of $20 in perpetuity, beginning 9 years from now if the market requires a return of 3.4 percent on this investment, how much does a share of preferred stock cost today? (Do not round intermediate calculations. Round your final answer to 2 decimal places (e.g., 32.16).)

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