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Timeless Corporation issued preferred stock with a par value of $300. The stock promise to pay an annual dividend equal to 13.0% of the par

Timeless Corporation issued preferred stock with a par value of $300. The stock promise to pay an annual dividend equal to 13.0% of the par value. If the appropriate discount rate for the stock is 10.0%, what is the value of the stock?

$390.00

$230.77

$297.65

$449.28

$441.87

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