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(Preferred stock valuation)Pioneer's preferred stock is selling for $31 in the market and pays a $2.20 annual dividend. a.If the market's required yield is 9

(Preferred stock valuation)Pioneer's preferred stock is selling for

$31

in the market and pays a

$2.20

annual dividend.

a.If the market's required yield is

percent, what is the value of the stock for that investor?

b.Should the investor acquire the stock?

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