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The preferred stock of Denver Savings and Loan pays an annual dividend of $8.10. It has a required rate of return of 9 percent. Compute

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The preferred stock of Denver Savings and Loan pays an annual dividend of $8.10. It has a required rate of return of 9 percent. Compute the price of the preferred stock. Note: Do not round intermediate calculations. Round your answer to 2 decimal places

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