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The preferred stock of Denver Savings and Loan pays an annual dividend of $7.50. It has a required rate of return of 10 percent. (Do

The preferred stock of Denver Savings and Loan pays an annual dividend of $7.50. It has a required rate of return of 10 percent. (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Compute the price of the preferred stock.

Price

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