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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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