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Fifth National Bank just issued some new preferred stock. The issue will pay an annual dividend of $17 in perpetulty, beginning 6 years from now.

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Fifth National Bank just issued some new preferred stock. The issue will pay an annual dividend of $17 in perpetulty, beginning 6 years from now. If the market requires a return of 3.1 percent on this Investment, how much does a share of preferred stock cost today? (Do not round Intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Stock price

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