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McKerley Corp. has preferred stock outstanding that will pay an annual dividend of $3.25 per share with the first dividend exactly 11 years from today.

McKerley Corp. has preferred stock outstanding that will pay an annual dividend of $3.25 per share with the first dividend exactly 11 years from today. If the required return is 3.51 percent, what is the current price of the stock?

$65.58

$92.59

$63.35

$61.21

$89.45

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