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( Preferred stock valuation ) What is the value of a preferred stock where the dividend rate is 1 6 percent on a $ 1

(Preferred stock valuation) What is the value of a preferred stock where the dividend rate is 16 percent on a $100 par value, and the market's required yield on similar shares is 14 percent?
The value of the preferred stock is $ per share. (Round to the nearest cent.)
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