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Salmon, Inc. issues 500,000 shares of preferred stock for $60 a share. The stock has a fixed annual dividend rate of 5% and a par

Salmon, Inc. issues 500,000 shares of preferred stock for $60 a share. The stock has a fixed annual dividend rate of 5% and a par value of $18 per share. The current price of the preferred stock is $64 a share. If sufficient dividends are declared, preferred stockholders can anticipate receiving annual dividends of:

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