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

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Fifth National Bank just issued some new preferred stock. The issue will pay an $17 annual dividend in perpetuity, beginning six years from now. If the market requires a 3.1 percent return on this investment, how much does a share of preferred stock cost today? (Do not round intermediate calculations and round the final answer to 2 decimal places. Omit $ sign in your response.) Stock price

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