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Question 21 (3.5 points) Timeless Corporation issued preferred stock with a par value of $800. The stock promised to pay an annual dividend equal to

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Question 21 (3.5 points) Timeless Corporation issued preferred stock with a par value of $800. The stock promised to pay an annual dividend equal to 12.0% of the par value. If the appropriate discount rate for this stock is 13.0%, what is the value of the stock? $866.67 $738.46 O $812.82 O $606.28 O $623.26

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