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Jed plans to purchase a deferred dividend preferred stock. The stock has a dividend rate of 5%, a $100 par value, and will pay its

Jed plans to purchase a deferred dividend preferred stock. The stock has a dividend rate of 5%, a $100 par value, and will pay its first dividend in six years. If Jed's required return on the stock is 6.75%, what price should he pay for the stock now?

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