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(Preferred stock valuation)You own 200 shares of Somner Resources' preferred stock, which currently sells for $ 28 per share and pays annual dividends of $1.7

(Preferred stock valuation)You own 200 shares of Somner Resources' preferred stock, which currently sells for $ 28 per share and pays annual dividends of $1.7 per share. If the market's required yield on similar shares is 7 percent, should you sell your shares or buy more?

a.The value of the stock to you is

$________

per share.

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