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PharoahEnergy Company has issued perpetual preferred stock with a stated (par) value of $100 and a dividend of4.5percent. If the required rate of return is10.00percent,

PharoahEnergy Company has issued perpetual preferred stock with a stated (par) value of $100 and a dividend of4.5percent. If the required rate of return is10.00percent, what is the stock's current market price?(Round answer to 2 decimal places, e.g. 15.25.)

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