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Oriole Energy Company has issued perpetual preferred stock with a stated (par) value of $100 and a dividend of 6.0 percent. If the required rate

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Oriole Energy Company has issued perpetual preferred stock with a stated (par) value of $100 and a dividend of 6.0 percent. If the required rate of return is 12.50 percent, what is the stock's current market price? (Round answer to 2 decimal places, eg. 15.25.) Current market price $

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