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(Preferred stock valuation) What is the value of a preferred stock where the dividend rate is 13 percent on a $100 par value, and the

(Preferred stock valuation) What is the value of a preferred stock where the dividend rate is 13 percent on a $100 par value, and the market's required yield on similar shares is 12 percent? The value of the preferred stock is $ per share. (Round to the nearest cent.)

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