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Sheridan Bancorp issued perpetual preferred stock a few years ago. The bank pays an annual dividend of $4.45 and your required rate of return is

Sheridan Bancorp issued perpetual preferred stock a few years ago. The bank pays an annual dividend of $4.45 and your required rate of return is 16.5 percent.

What is the value of the stock given your required rate of return? (Round answer to 2 decimal places, e.g. 15.20.)

Value of stock

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