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( Preferred stock valuation ) You own 4 0 0 shares of Somner Resources' preferred stock, which currently sells for $ 6 5 per share

(Preferred stock valuation) You own 400 shares of Somner Resources' preferred stock, which currently sells for $65 per share and pays annual dividends of $5.20 per share. If the market's required yield on similar shares is 9 percent, should you sell your shares or buy more?
a. The value of the stock to you is $ per share. (Round to the nearest cent.)
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