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Timeless Corporation issued preferred stock with a par value of $600. The stock promised to pay an annual dividend equal to 10.0% of the par

Timeless Corporation issued preferred stock with a par value of $600. The stock promised to pay an annual dividend equal to 10.0% of the par value. If the appropriate discount rate for this stock is 14.0%, what is the value of the stock?

Question 21 options:

$667.20

$840.00

$428.57

$351.86

$361.71

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