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(Preferred stock valuation) What is the value of a preferred stock where the dividend rate is 16 percent on a 5100 par valuo, and the

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(Preferred stock valuation) What is the value of a preferred stock where the dividend rate is 16 percent on a 5100 par valuo, and the market's required yield on similar shares is 13 percent? The valun of the preferted stockis? pershare. (Round to the neavest cont.)

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