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Fifth National Bank just issued some new preferred stock. The issue will pay an annual dividend of $15 in perpetuity, beginning 20 years from now.

Fifth National Bank just issued some new preferred stock. The issue will pay an annual dividend of $15 in perpetuity, beginning 20 years from now. If the market requires a return of 4.5 percent on this investment, how much does a share of preferred stock cost today?

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