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( Related to Checkpoint 1 0 . 3 ) ( Preferred stock valuation ) Calculate the value of a preferred stock that pays a dividend

(Related to Checkpoint 10.3)(Preferred stock valuation) Calculate the value of a preferred stock that pays a dividend of $6.00 per share when the market's required yield on similar shares is 12 percent.
The value of the preferred stock is $ per share. (Round to the nearest cent.)
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