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Marston Manufacturing Company pays an annual dividend rate of 10.00% on its preferred stock that currently returns 13.40% and has a par value of $100.00

Marston Manufacturing Company pays an annual dividend rate of 10.00% on its preferred stock that currently returns 13.40% and has a par value of $100.00 per share. What is the value of Marston's preferred stock? Round to the nearest whole dollar.

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