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Thoroughbred Industries has a new issue of preferred stock. The stock will pay a $20 dividend per year, but the first dividend will not be

Thoroughbred Industries has a new issue of preferred stock. The stock will pay a $20 dividend per year, but the first dividend will not be paid until 20 years from today. If you require a return of 7.25% on this stock, how much should you pay today for a share of this stock? Numeric Response Submit
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