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(Preferred stock valuation)What is the value of a preferred stock where the dividend rate is 17 percent on a $100 par value, and the market's

(Preferred stock valuation)What is the value of a preferred stock where the dividend rate is 17 percent on a $100 par value, and the market's required yield on similar shares is 12 percent?

The value of the preferred stock is $ enter your response here per share.(Round to the nearest cent.)

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