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Motter, Inc. preferred stock pays an annual dividend of $1.80. The market is currently yielding 7.5% on similarly rated issues. What is the value of

Motter, Inc. preferred stock pays an annual dividend of $1.80. The market is currently yielding 7.5% on similarly rated issues. What is the value of one share of this stock?

A) $13.50

B) $18.00

C) $24.00

D) $25.80

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