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The preferred stock of Denver Savings and Loan pays an annual dividend of $6.00. It has a required rate of return of 6 percent Compute

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The preferred stock of Denver Savings and Loan pays an annual dividend of $6.00. It has a required rate of return of 6 percent Compute the price of the preferred stock. (Do not round intermediate calculations. Round your answer to 2 decimal places.) [Price

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