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TrueCrypt Co. has made a new issue of preferred stock. The stock will pay a regular annual dividend of $17, but the first dividend will

TrueCrypt Co. has made a new issue of preferred stock. The stock will pay a regular annual dividend of $17, but the first dividend will be paid only 12 years from now. If your required rate of return is 7.67 percent, how much would you be willing to pay for it today?

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