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Sata Limited just issued some 12% preferred stock each having a par value of $ 1,000. The stock does not have any maturity and hence

Sata Limited just issued some 12% preferred stock each having a par value of $ 1,000. The stock does not have any maturity and hence it will provide annual dividends for an infinite amount of time in the future. If the investors require an 8 percent return on the company's preferred stock, what should be the current price of the company's preferred stock?

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