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(Preferred stock valuation) What is the value of a preferred stock when the dividend rate is 13 percent on a $125 par value? The appropriate

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(Preferred stock valuation) What is the value of a preferred stock when the dividend rate is 13 percent on a $125 par value? The appropriate discount rate for a stock of this risk level is 12 percent. The value of the preferred stock is S. (Round to the nearest cent.)

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