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Vandelay Industry's preferred stock pays a quarterly dividend of $2.25 while investors require a return of 12%. What is the value of Vandelay's preferred stock?

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Vandelay Industry's preferred stock pays a quarterly dividend of $2.25 while investors require a return of 12%. What is the value of Vandelay's preferred stock? $41.67 $75 $18.75 $27

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