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What should Chris be willing to pay for a preferred share of stock that promises to pay him a cash dividend of $95 the end

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What should Chris be willing to pay for a preferred share of stock that promises to pay him a cash dividend of $95 the end of each year, which will increase by 3% every year forever? The interest rate is fixed at 5.75%. Chris should be willing to pay $ for a preferred share of the stock. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed )

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