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You are interested in buying the preferred stock of a bank that pays a dividend of $2.45 every quarter. If you discount such cash flows

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You are interested in buying the preferred stock of a bank that pays a dividend of $2.45 every quarter. If you discount such cash flows at 8 percent, what is the value of this stock? (Round answer to 2 decimal places, e.g. 15.25.) Value of the stock \$

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