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Suppose an annual dividend of preferred stock pays $6.30 and there is a return on investment of 5.6%. What is the stock worth today? Round

Suppose an annual dividend of preferred stock pays $6.30 and there is a return on investment of 5.6%. What is the stock worth today? Round the final answer to two decimal places.

a. $11.25

b. $35.28

c. $56.25

d. $106.20

e. $112.50

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