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(Related to Checkpoint 10.3) (Preferred stock valuation) Calculate the value of a preferred stock that pays a dividend of $3.50 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 $3.50 per share when the market's required yield on similar shares is 11 percent. The value of the preferred stock is $per share. (Round to the nearest cent.)

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