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(Preferred stock valuation) Pioneer's preferred stock is selling for $18 in the market and pays a $2.40 annual dividend. a. If the market's required yield

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(Preferred stock valuation) Pioneer's preferred stock is selling for $18 in the market and pays a $2.40 annual dividend. a. If the market's required yield is 11 percent, what is the value of the stock for that investor? b. Should the investor acquire the stock? a. The value of the stock for that investor is $ per share. (Round to the nearest cent.)

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