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Taj Mahal Inc. wants to offer preferred stock for sale at a price of $60 a share. The company wants its investors to earn a

Taj Mahal Inc. wants to offer preferred stock for sale at a price of $60 a share. The company wants its investors to earn a 6.5 percent rate of return. What is the minimum annual dividend the firm will need to pay per share?

$5.20

$3.90

$2.23

$4.50

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