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(Preferred stock valuation) What is the value of a preferred stock when the dividend rate is 16 percent on a $100 par value? The appropriate

(Preferred stock valuation) What is the value of a preferred stock when the dividend rate is 16 percent on a $100 par value? The appropriate discount rate for a stock of this risk level is 10 percent.

The value of the preferred stock is $??? round to the nearest cent

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