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Peachytown Bank just issued some new preferred stock. The issue will pay a $ 2 9 annual dividend in perpetuity, beginning 2 0 years from

Peachytown Bank just issued some new preferred stock. The issue will pay a $

29

annual dividend in perpetuity, beginning

20

years from now. If the market requires a

6.7 %

return on this investment, how much does a share of preferred stock cost today?

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