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Smart Consumer Products Co. has issued preferred stock with a $60 par value. The firm pays a quarterly dividend of $.85 on this stock. What

  1. Smart Consumer Products Co. has issued preferred stock with a $60 par value. The firm pays a quarterly dividend of $.85 on this stock. What is the current price of this preferred stock given a required rate of return of 9percent?

A)

$37.78

B)

$50.00

C)

$54.43

D)

$62.50

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