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(Related to Checkpoint 10.3) (Preferred stock valuation) Calculate the value of a preferred stock that pays a dividend of $4.00 per share when the market's

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(Related to Checkpoint 10.3) (Preferred stock valuation) Calculate the value of a preferred stock that pays a dividend of $4.00 per share when the market's required yield on similar shares is 13 percent. The value of the preferred stock is $ per share. (Round to the nearest cent.)

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