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Ranier Ltd. has issued preference shares paying an annual end-of-year dividend of 32 cents. The required rate of return on Ranier Ltd. preference shares is

Ranier Ltd. has issued preference shares paying an annual end-of-year dividend of 32 cents. The required rate of return on Ranier Ltd. preference shares is 10% p.a. If the company decided to maintain the amount of the dividend payment but change the dividend date to the start of each year, the value of the Ranier Ltd. shares would be expected to rise.

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