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Gary Wells Inc. plans to issue perpetual preferred stock with an annual dividend of $5.50 per share. If the required return on this preferred stock

Gary Wells Inc. plans to issue perpetual preferred stock with an annual dividend of $5.50 per share. If the required return on this preferred stock is 8.5%, at what price should the stock sell?

A. 85.00

B. 64.71

C. 61.65

D. 59.95

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