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McKerley Corporation has preferred stock outstanding that will pay an annual dividend of $4.60 per share with the first dividend exactly 14 years from today.

McKerley Corporation has preferred stock outstanding that will pay an annual dividend of $4.60 per share with the first dividend exactly 14 years from today. If the required return is 3.78 percent, what is the current price of the stock?

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$72.39

$121.69

$117.26

$75.13

$69.75

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