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help Morgan Insurance Ltd. issued a fixed-rate perpetual preferred stock three years ago and placed it privately with institutional investors. The stock was issued at

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Morgan Insurance Ltd. issued a fixed-rate perpetual preferred stock three years ago and placed it privately with institutional investors. The stock was issued at $29 per share with a $2.33 dividend. If the company were to issue preferred stock today, the yield would be 6.4 percent. The stock's current value is: $43.43 $29.00 $36.41 $39.30

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