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Leslie is considering the purchase of preference shares in Yamasaki Ltd. The preference shares will pay preference dividends of $1.25 per share each year for

Leslie is considering the purchase of preference shares in Yamasaki Ltd. The preference shares will pay preference dividends of $1.25 per share each year for the life of the company. Leslie's required rate of return is 12.5% pa. Calculate the intrinsic value of a preference share in Yamasaki Ltd. Give your answer in dollars and cents to the nearest cent.

Intrinsic value = $

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