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Please use a BAII Plus TI calculator. Thank you! E-Eyes.com Bank just issued some new preferred stock. The issue will pay a $13 annual dividend

Please use a BAII Plus TI calculator. Thank you!

E-Eyes.com Bank just issued some new preferred stock. The issue will pay a $13 annual dividend in perpetuity, beginning 5 years from now.

Required :

If the market requires a 12 percent return on this investment, how much does a share of preferred stock cost today?

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