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Molen Inc. has an outstanding issue of perpetual preferred stock with an annual dividend of $3 per share. If the required return on this preferred

Molen Inc. has an outstanding issue of perpetual preferred stock with an annual dividend of $3 per share. If the required return on this preferred stock is 6.5%, then at what price should the stock sell?

a.
$46.15

b.
$45.69

c.
$36.46

d.
$43.38

e.
$57.23

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