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Preference shares in Intech Ltd are currently priced at $11.85 each and are expected to pay out a preference dividend each year for the life

Preference shares in Intech Ltd are currently priced at $11.85 each and are expected to pay out a preference dividend each year for the life of the company. The required rate of return on the shares is 14% pa. Calculate the annual preference dividend of a preference share in Intech Ltd. Give your answer in dollars and cents to the nearest cent.

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