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Problem 10-23 Preferred stock value [LO10-4] The preferred stock of Denver Savings and Loan pays an annual dividend of $8.25. It has a required rate

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Problem 10-23 Preferred stock value [LO10-4] The preferred stock of Denver Savings and Loan pays an annual dividend of $8.25. It has a required rate of return of 11 percent Compute the price of the preferred stock. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Price

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