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Needing to raise more capital, you advised the board to issue more shares of preferred stock. The dividend is $6.40 every year, not increasing, in

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Needing to raise more capital, you advised the board to issue more shares of preferred stock. The dividend is $6.40 every year, not increasing, in perpetuity. Your investors require a rate of return of 7.92%. a. What is the current price? (Do not round intermediate calculations and enter your answer as a dollar amount rounded to 2 decimal places, e.g., 12.34.) a. Current price

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