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McKerley Corp. has preferred stock outstanding that will pay an annual dividend of $6.70 per share with the first dividend exactly 13 years from today.

McKerley Corp. has preferred stock outstanding that will pay an annual dividend of $6.70 per share with the first dividend exactly 13 years from today. If the required return is 4.2 percent, what is the current price of the stock?

Multiple Choice

  • $89.68

  • $153.09

  • $97.37

  • $159.52

  • $93.44

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