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Montreal Growers Inc. issued 1 million preferred shares at a stated value of $20 and the dividend rate is 10%. If the risk-free rate is

Montreal Growers Inc. issued 1 million preferred shares at a stated value of $20 and the dividend rate is 10%. If the risk-free rate is 4% and the risk premium is 3%, what is the preferred share price?

$28.57

$50.00

$14.00

$35.00

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