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HDTV Inc. has a preferred stock that carries a 6 . 4 % dividend rate and a $ 1 0 0 par value. It matures

HDTV Inc. has a preferred stock that carries a 6.4% dividend rate and a $100 par value. It matures in 20 years. If the required return on this preferred stock is 12.8% APR, what is its market value? If the preferred stock does not have a stated maturity, what should be its market value?

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