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Peachytown Bank just issued some new preferred stock. The issue will pay a $24 annual dividend in perpetuity, beginning 20 years from now. If the

Peachytown Bank just issued some new preferred stock. The issue will pay a $24 annual dividend in perpetuity, beginning 20 years from now. If the market requires a 6.2% return on this investment, how much does a share of preferred stock cost today?

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