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P10-17 (similar to) Question Help O (Preferred stock valuation) What is the value of a preferred stock where the dividend rate is 16 percent on

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P10-17 (similar to) Question Help O (Preferred stock valuation) What is the value of a preferred stock where the dividend rate is 16 percent on a $100 par value, and the market's required yield on similar shares is 15 percent? The value of the preferred stock is sper share. (Round to the nearest cent.)

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