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Peachytown Bank just issued some new preferred stock. The issue will pay a $25 annual dividend in perpetuity, beginning 20 years from now. If the

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Peachytown Bank just issued some new preferred stock. The issue will pay a $25 annual dividend in perpetuity, beginning 20 years from now. If the market requires a 6.3% return on this investment, how much does a share of preferred stock cost today? (Do not round intermediate calculations, Round the final answer to 2 decimal places. Omit S sign in your response.) Stock price

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