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please show work so i can follow along! 7-7 The Ape Copy Company's preferred stock pays an annual dividend equal to $16.50. If investors demand

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7-7 The Ape Copy Company's preferred stock pays an annual dividend equal to $16.50. If investors demand a return equal to 12 percent to purchase Ape's preferred stock, what is its market value? (LO 7-2)

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