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The Radley Company has decided to undertake a large new project. Consequently, there is a need for additional funds. The financial manager decides to issue

The Radley Company has decided to undertake a large new project. Consequently, there is a need for additional funds. The financial manager decides to issue preferred stock which has a stated dividend of $5 per share and a par value of $30. If the required return on this stock is currently 20%, what should be the stock's current market value?

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