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You are thinking of buying some preferred stock in XYZ company. The company has been paying $3.00 dividends for the past 50 years and promises

You are thinking of buying some preferred stock in XYZ company. The company has been paying $3.00 dividends for the past 50 years and promises to continue these payments for the foreseeable future. If you require a 8.4% return on an investment with these risks, how much would you pay for a share of XYZ's preferred stock

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