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(Preferred stockvaluation) Pioneer's preferred stock is selling for $53 in the market and pays a $4.20 annual dividend. a. If themarket's required yield is 9

(Preferred stockvaluation)Pioneer's preferred stock is selling for $53 in the market and pays a $4.20 annual dividend.

a.If themarket's required yield is 9 percent, what is the value of the stock for thatinvestor?

b.Should the investor acquire thestock?

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