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Malvern Corporation preferred stock pays a constant annual dividend of $4.50 per share. What is the value of this stock at a discount rate of

Malvern Corporation preferred stock pays a constant annual dividend of $4.50 per share. What is the value of this stock at a discount rate of 9.5 percent?

$48.19 $47.36 $54.00 $45.00 $31.69

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