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McKerley Corp. has preferred stock outstanding that will pay an annual dividend of $6.55 per share with the first dividend exactly 15 years from today.

McKerley Corp. has preferred stock outstanding that will pay an annual dividend of $6.55 per share with the first dividend exactly 15 years from today. If the required return is 4.17 percent, what is the current price of the stock?

Multiple Choice $81.70 $157.07 $88.66 $85.11 $150.79

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